By Amy Wolff Sorter - Globest.com
GREENSBORO, NC-Tanger Factory Outlet Centers Inc., based here, and RioCan Real Estate Investment
Trust of Toronto have, through a co-ownership agreement, waived
conditions to acquire two outlet centers in the Montreal area. The
co-owners will purchase Les Factoreries St. Sauveur and Bromont Outlet
Mall for an aggregate price of $94.7 million (Canadian), with RioCan
providing development and property management services and Tanger
handling leasing and marketing.
The ownership, which struck a 50-50 deal, is moving forward on
value-add activities for the properties by implementing their
operational and marketing programs. Also on tap is rebranding both
retail centers under the Tanger Outlets flag.
Les Factoreries St. Sauveur is in St. Sauveur, QC, approximately 50
miles northwest of Montreal and adjacent to Highway 15. The property was
built in 1980, expanded in 2006, and is approximately 116,000 square
feet. There is the potential to expand to approximately 131,000 square
feet on the adjacent 1.1 acres of land which will also be acquired. This
retail property's tenants include Nike, Tommy Hilfiger, Reebok, Guess, Jones New York, Naturalizer and Parasuco.
Bromont Outlet Mall, located approximately 52 miles east of Montreal
in Bromont, QC, on Highway 10. The 162,000-square-foot retail property
was built in 2004 and expanded during 2011. The property also offers the
potential to expand to approximately 251,000 square feet. The retail
center's tenants include Point Zero, Tommy Hilfiger, Guess, Puma, Mexx and Urban Planet.
"This opportunity allows RioCan and Tanger to build on the success of
Tanger Outlets Cookstown by expanding our footprint into another
thriving market," comments Steven B. Tanger, president
and Chief Executive Officer of Tanger in a press release. "Acquiring
and rebranding these two proven outlet assets as Tanger Outlet Centers
will enhance the co-owners' Canadian platform for our retail partners."
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