Mr. Tanger noted that with

this acquisition, Tanger will grow from its current 33 centers totaling

6.2 million square feet to 42 centers with 9.5 million square feet, and

solidify its position in the outlet industry. He stated that the increased

size of the Tanger portfolio will diversify Tanger's profile, build

on its management skills, and enhance the company's shareholder value.

"We look forward to a

long-term successful partnership with Blackstone," Mr. Tanger added.

"We share Tanger Outlet

Centers' enthusiasm for these assets," added Jonathan Gray,

senior managing director of Blackstone. "After thoroughly reviewing

the portfolio and the factory outlet industry, we decided to enter into

partnership with Tanger. We have a very high regard for the Tanger management

team, and this investment is in keeping with our longstanding tradition

of partnering with high-quality corporations," he added.

"We are pleased that our

many years of developing this portfolio of outstanding properties in highly

desirable locations will result in a sale to the Tanger/Blackstone partnership,"

noted Richard Lewis, president of

Charter Oak Partners. "We

know that they will continue our record of maximizing the potential of

these properties," Mr. Lewis added.

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