Located in the growing, affluent Perrysburg submarket, the premier shopping destination is the fourth full-price, open-air lifestyle destination in Tanger's portfolio

Tanger® (NYSE:SKT),a leading owner and operator of outlet and other open-air retail shopping destinations, has acquired The Town Center at Levis Commons, a 300,000-square-foot, open-air lifestyle center located in a vibrant, mixed-use district in the Perrysburg submarket of Toledo, Ohio. This transaction adds a fourth full-price, market-dominant lifestyle center to Tanger's portfolio, as the company continues to execute its external growth strategy.

Tanger acquired The Town Center at Levis Commons for approximately $60 million, using cash on hand and available liquidity. Management expects the center to deliver a first-year return of approximately 8.5 percent, with potential for additional growth over time.