Western Toronto will have a designer outlet centre
Orlando Corporation in conjunction with Tanger Factory Outlets and RioCan Real Estate Investment Trust have entered into an agreement to create a strategic alliance to develop designer outlet opportunities on lands within the Heartland Town Centre.
Located in the western Greater Toronto Area ("GTA"), Heartland Town Centre is Canada's largest and most successful power centre with unparalleled access to Highway 401. It is the intention of the parties to add a newly designed ground up factory outlet centre of approximately 312,000 square feet to the highly productive 2 million square feet of retail space currently at Heartland Town Centre.
Orlando Corporation owns over 40 million square feet of industrial, office and retail space in addition to several green field sites throughout the GTA. Phil King, President of Orlando says "I am confident that this joint venture will establish the premier, high quality designer outlet shopping centre in the western GTA."
Steve Tanger, CEO of Tanger Outlets adds that "Tanger is delighted with the progress of its Canadian expansion to date, and we look forward to the opportunity to leverage the Orlando Corporation's local expertise on this project."
Ed Sonshine, CEO of RioCan REIT further added that, "the formation of this venture joins three very substantial organizations who will align their respective talents and resources in identifying and executing a formidable outlet property within the very successful Heartland Town Centre."
Orlando Corporation is Canada's largest privately owned industrial real estate developer and landlord. As a multifaceted real estate company, Orlando is involved in a wide range of real estate investments and activities.
In the GTA, Orlando has built a critical mass of properties and is able to offer tenants a complete range of property types and premium locations. Orlando owns, leases and manages over 40 million square feet of industrial, office and retail property.
Tanger Factory Outlet Centers, Inc. is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 39 upscale outlet shopping centers in 25 states coast to coast and in Canada, totaling approximately 11.8 million square feet leased to over 2,500 stores operated by 435 different brand name companies.
RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $12.5 billion as at December 31, 2011.
Tanger Factory Outlet Centers, Inc