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NEWS RELEASES

Chelsea Property Group, Inc. (ticker: CPG, exchange: New York Stock Exchange) News Release - 23-Oct-2001

Chelsea Property Group Sets Release Date

ROSELAND, N.J., Oct. 23 /PRNewswire/ -- Chelsea Property Group, Inc. (NYSE: CPG) announced today that it expects to issue its 2001 third quarter operating results on Tuesday, November 13, 2001, after the close of the market. The Company's third quarter conference call with investors and analysts will be held on Wednesday, November 14, at 2:00 p.m. eastern time. The call may be accessed by dialing 800-633-8516 (U.S. callers) or 212-346-6431 (international callers) and referencing reservation No. 19919732. A replay of the call will be available through November 23, 2001 by dialing 800-633-8284 (U.S. callers) or 858-812-6440 (international callers) with the same reservation number.

Chelsea Property Group, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that wholly or partially owns 58 Premium Outlet(TM) and other retail shopping centers -- containing 12.5 million square feet of gross leasable area -- in 28 states and Japan. Please see http://www.cpgi.com for more information.


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SOURCE Chelsea Property Group, Inc.

CONTACT: Leslie T. Chao, President, or
Michael J. Clarke, CFO, both of
Chelsea Property Group +1-973-228-6111
URL:
http://www.chelseagca.com
http://www.prnewswire.com
Copyright (C) 2001 PR Newswire.  All rights reserved.






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