TORONTO and GREENSBORO, N.C., March 10, 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, are pleased to announce the hire of retail and office property consultant Tony Grossi to lead the joint venture's efforts as Senior Managing Director.
"Tony is a highly skilled and seasoned manager of properties with operations, asset management, leasing and corporate financial management experience," stated Edward Sonshine, President and CEO of RioCan. "His hands-on experience in property development in Canada and the U.S., along with property investment experience in Brazil, Great Britain and South Africa, will be invaluable to us as we move forward with our plan to develop 10 to 15 Tanger Outlet Centers in larger urban markets and tourist areas across Canada, over a five to seven year period."
As well, Mr. Grossi is founder and principal of Grossi NorthBound Real Estate Advisory, providing consultancy services and direction to landlords and retailers in strategic applications. Mr. Grossi most recently served as Chief Operating Officer and Senior Executive Vice President for Macerich and Executive Vice President of Cadillac Fairview, two of North America's largest real estate companies."With over 25 years of industry leadership, Tony has performed every role within the retail and office sectors," commented Steven B. Tanger, President and Chief Executive Officer of Tanger Factory Outlet Centers, Inc. "We are quite fortunate to have Tony on board as we identify sites in Canada suitable for development or redevelopment as outlet shopping centers similar in concept and design to those within our existing Tanger U.S. portfolio." About RioCan RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $10.1 billion as at December 31, 2010. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 297 retail properties, including 10 under development, containing an aggregate of over 66 million square feet. RioCan owns an 80% interest in 31 grocery anchored and new format retail centres in the United States through various joint venture arrangements. In addition, RioCan owns a 14% equity interest in Cedar Shopping Centers, Inc., a real estate investment trust focused on supermarket-anchored shopping centres and drug store-anchored convenience centres located predominantly in the Northeastern United States. For further information, please refer to RioCan's website at www.riocan.com . About Tanger Factory Outlet Centers, Inc. Tanger Factory Outlet Centers, Inc., (NYSE:SKT) is a publicly traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has ownership interests in, a portfolio of 33 upscale outlet shopping centers in 22 states coast-to-coast, totaling approximately 10.1 million square feet, leased to over 2,100 stores that are operated by more than 350 different brand name companies. More than 160 million shoppers visit Tanger Outlet Centers annually. For more information on Tanger Outlet Centers, call 1-800-4-TANGER or visit our website at www.tangeroutlet.com . Forward Looking Information This news release contains forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, statements concerning RioCan's and Tanger's intention to develop and lease a portfolio of outlet centers, the estimated number of jointly developed outlet centers, the estimated cost of such development, the time period of such development, the expected success of the joint venture, as well as other statements concerning each company's objectives, its strategies to achieve those objectives, management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe", "should", "plan", "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management of each company. All forward-looking statements in this News Release are qualified by these cautionary statements.
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