Tanger Factory Outlet Centers and RioCan REIT announce $1 billion joint venture

On January 24, 2011, Tanger Factory Outlet Centers, Inc. ("Tanger") (NYSE:SKT) and RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) announced that they had entered into a letter of intent to form an exclusive joint venture for the acquisition, development and leasing of sites across Canada that are suitable for development or redevelopment as outlet shopping centres similar in concept and design to those within the existing Tanger U.S. portfolio. The overall investment of the joint venture is anticipated to be as high as $1 billion.

Tanger is a leading developer and manager of outlet shopping centers in the United States. RioCan is Canada's largest real estate investment trust exclusively focused on retail real estate.

Fasken Martineau is advising Tanger on this joint venture with a team led by Jon Levin and including Marty Emmons and Darrell Jarvis (real estate); May Cheng (intellectual property); Christopher Steeves, William Bies and Anna Dayan (tax) and Paul Casuccio (commodity tax).