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RioCan and Tanger to acquire two outlet malls in Montreal


Greensboro, N.C. -- RioCan Real Estate Investment Trust and Tanger Factory Outlet Centers announced Tuesday they will acquire two outlet centers in the Montreal area.

The pair will co-purchase Les Factoreries St. Sauveur and Bromont Outlet Mall for about $94.7 million Canadian dollars.

RioCan will provide development and property management services and Tanger will provide leasing and marketing services. The properties will be rebranded as Tanger Outlets.

Both transactions are slated to close in November 2012.

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