CHARTER OAK PRESS RELEASE

Exhibit 99.1

PRESS RELEASE

For Release: Immediate Release

Tanger Factory Outlet Centers, Inc. Contacts:

Press - Rochelle Simpson Investors - Frank Marchisello
336-834-6836 336-834-6834

TANGER FACTORY OUTLETS AND BLACKSTONE REAL ESTATE ADVISORS TO ACQUIRE CHARTER
OAK PARTNERS FACTORY OUTLET PORTFOLIO FOR $491 MILLION Transaction is Expected
to be Accretive in First Year/Balance Sheet Remains Solid Strategic Acquisition
Consolidates Tanger's Position in Factory Outlet Sector

GREENSBORO, NC, October 6, 2003 - Tanger Factory Outlet Centers, Inc. (NYSE:
SKT), a leading owner, developer and manager of factory outlet centers,
announced today the execution of a definitive agreement for the acquisition of
the Charter Oak Partners' portfolio of nine factory outlet centers totaling
approximately 3.3 million square feet. Tanger and an affiliate of Blackstone
Real Estate Advisors have formed a limited liability company to acquire the
portfolio as a joint venture. Tanger will own one-third and Blackstone will own
two-thirds of the joint venture. Tanger will provide operating, management,
leasing and marketing services for the properties.

The purchase price for this transaction is $491 million, including the
assumption of approximately $187 million of debt. Closing is expected to take
place during the current quarter of 2003. Tanger expects that the transaction
will be accretive to its operating results from year one and will allow Tanger
to maintain a strong balance sheet and its current financial flexibility. The
New York-based international investment banking partnership of Compass Advisers,
LLP were advisers to Tanger on the transaction.

The factory outlets being acquired are located in: Rehoboth, Delaware; Riviera
Center-Foley, Alabama; Myrtle Beach, South Carolina; Park City, Utah; Hilton
Head, South Carolina; Lakes Region-Tilton, New Hampshire; Lincoln City, Oregon;
Westbrook, Connecticut and Tuscola, Illinois.

"We are very excited about this acquisition. It is an excellent geographic fit
for us and is in line with our strategy of creating an increased presence in
high-end resort locations," stated Stanley K.Tanger, Founder, Chairman of the
Board and Chief Executive Officer of Tanger. "Adding the Tanger brand to these
outstanding properties will take us to the next level in creating a compelling
shopping experience for our customers. We will add value to these centers based
upon our 22-year historical performance, proven managerial skills and marketing
expertise. To attain that objective, we will formulate an extensive
remerchandising strategy and look to enhance the centers and occupancy rates by
adding additional upscale tenants to the existing high-quality roster," Mr.
Tanger added.

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.


Tanger Factory Outlets, Inc. (NYSE: SKT), a fully integrated, self-administered
and self-managed publicly traded REIT, presently operates 33 centers in 20
states coast to coast, totaling approximately 6.2 million square feet of gross
leasable area. For more information on Tanger, visit our web site at
www.tangeroutlet.com.

About The Blackstone Group
The Blackstone Group, a private investment bank with offices in New York, London
and Hamburg, was founded in 1985. Blackstone Real Estate Advisors has raised
four funds representing approximately $4 billion in total equity. The group has
made over 100 separate investments in hotels, offices and other commercial
properties with a total transaction value in excess of $15 billion. In addition
to real estate, The Blackstone Group's core businesses include Private Equity
Investing, Corporate Debt Investing, Marketable Alternative Asset Management,
Mergers & Acquisitions Advisory, and Restructuring & Reorganization Advisory.

Conference Call/Webcast
Tanger will host a conference call for analysts, investors and other interested
parties on Monday, October 6, 2003 at 4:00 pm eastern time. The conference call
can be accessed by dialing 1-877-277-5113 and requesting to be connected to the
Tanger Factory Outlet Centers October 6, 2003 Conference Call. Alternatively,
the call will be webcast by CCBN and can be accessed at Tanger's web site at
www.tangeroutlet.com, and click on Corporate News.

A telephone replay of the call will be available from October 6, 2003 starting
at 7:00 pm eastern time through October 13, 2003 at 11:59 am by dialing
1-800-642-1687 conference ID# 3192327. Additionally, an online archive of the
broadcast will also be available through October 13, 2003.

This press release may contain forward-looking statements regarding our
remerchandising strategy, the renewal and re-tenanting of space, tenant sales
and sales trends, interest rates, funds from operations and the acquisition or
development of new centers. These forward-looking statements are subject to
risks and uncertainties. Actual results could differ materially from those
projected due to various factors including, but not limited to, the risks
associated with general economic and local real estate conditions, the
availability and cost of capital, our ability to lease our properties, our
inability to collect rent due to the bankruptcy or insolvency of tenants or
otherwise, and competition. For a more detailed discussion of the factors that
affect our operating results, interested parties should review the Tanger
Factory Outlet Centers, Inc. Annual Report on Form 10-K for the fiscal year
ended December 31, 2002.
# # #