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NEWS RELEASES

Chelsea Property Group, Inc. (ticker: CPG, exchange: New York Stock Exchange) News Release - 17-Sep-2001

Chelsea Property Group Declares Quarterly Dividends

ROSELAND, N.J., Sep 17, 2001 /PRNewswire/ -- Chelsea Property Group, Inc. (NYSE: CPG) announced today that its Board of Directors declared a quarterly cash dividend of $0.78 per share of common stock. The dividend is payable on October 15, 2001 to shareholders of record on September 28, 2001.

The Board of Directors also declared a cash dividend of $1.046875 per share on the Company's 8-3/8% Series A Cumulative Redeemable Preferred Stock. The dividend is payable on October 15, 2001 to shareholders of record on October 1, 2001.

SOURCE Chelsea Property Group, Inc.

CONTACT:

Michael J. Clarke, CFO of Chelsea Property Group, Inc.
+1-973-228-6111

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