Tanger Factory Outlet Centers Inc. completed the acquisition of Kensington Valley Factory Shops located in Howell, MI within the greater Detroit metropolitan region. The center located at 1475 North Burkhart Road contains approximately 325,000 square feet and will be renamed the Tanger Outlet Center at Kensington Valley. The purchase price of $37.5 million represents an approximate 12% capitalization rate on the existing net operating income. The acquisition was funded with proceeds from the sale of Tanger's Fort Lauderdale property in June of this year and the one million common share offering announced on Sept. 5, 2002.