Tanger, RioCan Kick Off Mall Venture With $60M Buy

Law360, New York (November 21, 2011, 3:12 PM EST) -- RioCan Real Estate Investment Trust, Canada’s largest mall owner, has teamed up with Greensboro, N.C.-based Tanger Factory Outlet Centers Inc. to acquire a shopping complex near Toronto for CA$62 million (US$60 million) and a second site in Ottawa, the buyers announced Monday.

RioCan and real estate investment trust Tanger made major headway in their plan to develop a shopping center platform in Canada, acquiring the Cookstown Outlet Mall from real estate investment firm Taurus Investment Holdings LLC and buying 50 acres of land for a second...
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