Tanger takes full ownership of Tanger Outlets Savannah

By

Obi Anyanwu

Published
Aug 15, 2016

Tanger Factory Outlets announced on Monday that it has acquired 100% ownership of Tanger Outlets Savannah in Georgia.

 
The Greensboro, North Carolina-based company paid a capitalization rate of 5.9% based on a valuation of $197 million for the outlet center. Prior to the transaction, Tanger owned a 50% legal interest in the joint venture, and following the acquisition, the joint venture is now wholly-owned by Tanger.
 
Opened in April 2015, Tanger Outlets Savannah is a 420,000-square-foot outlet shopping destination featuring over 90 brand names and designer outlet stores. According to Tanger President and CEO Steven B. Tanger, the property is currently 99% occupied and is undergoing a second expansion.

In July, the company reported a 192.3% increase in net income in the second quarter, and a 67.7% increase in net income for the first six months of the year.