Chelsea Property Group, Inc. (ticker: CPG, exchange: New York Stock Exchange) News Release - 30-Jul-2001
Chelsea Property Group Announces $25 Million Private Placement of Equity; Earnings Release Date Set for August 13, 2001
ROSELAND, N.J., Jul 30, 2001 /PRNewswire/ -- Chelsea Property Group,
Inc. (NYSE: CPG) today reported that it completed the private placement of
545,000 shares of common stock to an institutional buyer. The stock was
purchased at a net price of $46.00 per share, yielding proceeds of $25 million
that may be used to partially fund the acquisition of the Konover Property Trust
assets announced on July 16, 2001, and for general corporate purposes.
The Company also announced that it has scheduled its second quarter earnings
release for August 13, 2001, to be followed by a conference call the following
day.
Chelsea Property Group, Inc. is a fully integrated, self-administered and
self-managed real estate investment trust (REIT) that wholly or partially owns
27 Premium Outlet(TM) shopping centers -- containing 8.2 million square feet of
gross leasable area -- in 15 states and Japan. U.S. portfolio tenant sales
averaged $400 per square foot in 2000, among the highest in retail real estate.
Chelsea's leading properties include Woodbury Common Premium Outlets, near New
York City; Orlando Premium Outlets, in Orlando, Florida; Desert Hills Premium
Outlets, near Palm Springs, California; Wrentham Village Premium Outlets, near
Boston; and Gotemba Premium Outlets, near Tokyo, Japan. Please see
http://www.CPGI.com for more information.
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SOURCE Chelsea Property Group, Inc.
CONTACT: Michael J. Clarke, CFO of Chelsea Property Group, Inc.,
+1-973-228-6111
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