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NEWS RELEASES

Chelsea Property Group, Inc. (ticker: CPG, exchange: New York Stock Exchange) News Release - 14-Feb-2002

Chelsea Property Group Sets Release Date

ROSELAND, N.J., Feb 14, 2002 /PRNewswire-FirstCall via COMTEX/ -- Chelsea Property Group, Inc. (NYSE: CPG) announced today that it expects to issue its 2001 fourth quarter and year end operating results on Tuesday, February 26, 2002, after the close of the market. The Company's fourth quarter and year end conference call with investors and analysts will be held on Wednesday, February 27, at 2:00 p.m. eastern time. The call may be accessed by dialing 800-670-3545 (U.S. callers) or 212-346-6601 (international callers) and referencing reservation No. 20358666. A replay of the call will be available through March 8, 2002, 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 57 Premium Outlet(TM) and other retail shopping centers -- containing 12.6 million square feet of gross leasable area -- in 28 states and Japan. Please see www.cpgi.com for more information.

SOURCE Chelsea Property Group, Inc.

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

URL:              
http://www.cpgi.com 
http://www.prnewswire.com
 
Copyright (C) 2002 PR Newswire.  All rights reserved.


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