TORONTO and GREENSBORO, N.C., March 14, 2011 (GLOBE NEWSWIRE) -- RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) and Tanger Factory Outlet Centers, Inc. ("Tanger") (NYSE:SKT), through their exclusive joint venture, announced today that they have entered into a purchase and sale agreement to acquire a 35 acre parcel of land to build the first Tanger Outlet Center in the Greater Toronto Area ("GTA"). The site for its first factory outlet will be Halton Hills, on Highway 401 at the James Snow Parkway interchange. The project is scheduled to start in the fourth quarter of 2011 and be ready for an April 2013 opening.
"Halton Hills is one of the fastest growing communities in Canada and the GTA, allowing our retailer partners access to the 5th largest retail market in North America," said Steven Tanger, President and CEO of Tanger Outlets. "Given our investment leadership and successful track record in Canada's largest urban markets, we are confident that opening our first Tanger Outlet Center in the GTA market of Halton Hills will create a shopping destination with unparalleled reach and popularity," added Edward Sonshine, President and CEO of RioCan.
The concept, design and merchandising of the Halton Hills centre will be similar to those within the highly successful Tanger portfolio of outlet centres in the U.S. Halton Hills is located in the northwestern section of the GTA and benefits from its proximity to Mississauga and Brampton, as well as having good access to metro Toronto. When fully complete, the project will be home to approximately 350,000 square feet of branded factory outlet retailers from the U.S. and Canada, offering consumers a unique opportunity to purchase merchandise directly from leading designer and brand name manufacturers at a substantial savings.
"In the U.S., the Tanger Outlets brand and shopping experience has generated strong followership and credibility with retailers and consumers. We believe we can duplicate the same loyalty and confidence here in Halton Hills and across Canada," said Tony Grossi, Senior Managing Director of the joint venture. The site is presently zoned to allow retail uses. "We look forward to working with the Town of Halton Hills to make this project a key regional retail landmark," added Grossi.
It is the intention of the joint venture to develop as many as 10 to 15 outlet centres in larger urban markets and tourist areas across Canada, over a five to seven year period.
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