Simon and Tanger Announce a Joint Venture to Develop Two New Outlet Projects

Properties will be located in Charlotte, North Carolina and Columbus, Ohio

 INDIANAPOLIS and GREENSBORO, N.C., Nov. 28, 2012 /PRNewswire/ -- Simon Property Group, Inc. (NYSE: SPG), the world's leading retail real estate company and Tanger Factory Outlet Centers, Inc. (NYSE: SKT) announced today they plan to develop two new upscale outlet centers in Charlotte, North Carolina and Columbus, Ohio.

The announcement follows the successful opening of Tanger Outlets in Texas City, TX last month.  That center was developed through a 50/50 joint venture between Simon and Tanger and is located approximately 30 miles south of Houston and 20 miles north of Galveston on highly-traveled Interstate 45.

The two companies intend to build the 350,000 square foot center in Charlotte in a location previously announced by Tanger, eight miles southwest of uptown Charlotte at the interchange of I-485 and Steele Creek Road (NC Highway 160), the two major thoroughfares for the city. There is also the potential of a 50,000 square foot expansion from the first phase of the project.

This outlet will be branded as Charlotte Premium Outlets®. Tanger will provide site development and construction supervision to the venture; Simon will provide management services and marketing to the joint venture. Both companies will provide leasing services, and expect the center to have its grand opening in the spring of 2014.  When completed, the center will be home to more than 90 upscale brand name and designer outlet stores.

Simon and Tanger also plan to build an approximately 350,000 square foot center in Columbus.  The new outlet center will be located off of the heavily traveled I-71, 20 miles north of downtown and 11 miles north of I-270 in a flourishing part of the expanding Columbus metropolitan area.

This outlet will be branded as Tanger Outlets.  Simon will provide site development and construction supervision to the venture; Tanger will provide management services and marketing to the joint venture. Both companies will provide leasing services, and expect this center to have its grand opening in time for the 2014 holiday season. When completed, the center will be home to more than 90 upscale brand name and designer outlet stores.  

"We are pleased to partner with Tanger to bring great outlet shopping to both Charlotte and Columbus," said John R. Klein, President of Simon's Premium Outlets platform. "Both of these projects provide the most compelling locations for our merchants and our customers and will best serve the Charlotte and Columbus communities. Our recent joint venture in Texas City, Texas has gotten off to a great start and we look forward to developing two more successful projects together."

"Our focus remains to deliver the best outlet centers to our customers, tenants and shareholders," stated Steven B. Tanger, President and Chief Executive Officer of Tanger Factory Outlet Centers, Inc. He continued, "Our plans to enter into a joint venture with Simon in Charlotte and Columbus are strategic in delivering world class outlet centers to two new cities. Each will be a must visit value destination and an excellent experience for our shoppers."

Both new projects are expected to create a significant economic impact and many opportunities for employment. During each center's approximately year-long building phase, Tanger and Simon expect approximately 300 construction jobs will be created at each site. The retailers are expected to employ more than 900 in full and part-time retail management and sales jobs at each center when open.

SOURCE Simon Property Group, Inc.