Project Becomes Largest Outlet Center in Japan

The Rinku expansion's 40 stores have been fully leased to international brands including Benetton, Cole Haan, FUBU, Lanvin, La Perla, Laura Ashley, The North Face, Richard Ginori, Royal Copenhagen, Salomon, Skechers USA, Theory and Tommy Hilfiger; as well as Japanese domestic brands including Bandai, Men's Bigi, Miki House, MK Klein+, Moga and Natural Beauty Basic. Rinku Premium Outlets is expandable by an additional 70,000 square feet.

Leslie Chao, Chairman of Chelsea Japan, said, "This expansion comes less than 18 months after the opening of the first phase of Rinku Premium Outlets. We are delighted to be introducing an exciting group of new tenants who will make the center not only bigger but better, and further strengthen its dominant position in the Kansai market."

Based in Tokyo, Chelsea Japan is a joint venture of Chelsea Property Group, Mitsubishi Estate Co., Ltd. and Nissho Iwai Corporation. Chelsea Japan develops, owns and operates Premium Outlet(TM) centers in major Japanese markets.

Chelsea Property Group is a self-administered and self-managed real estate investment trust (REIT) that wholly or partially owns 57 Premium Outlet and other shopping centers -- containing 12.7 million square feet of gross leasable area -- in 28 states and Japan. Its 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; and Wrentham Premium Outlets, near Boston. For more information, please visit www.cpgi.com or www.premiumoutlets.co.jp.

SOURCE Chelsea Property Group, Inc.

CONTACT:
Leslie T. Chao, President, or Bruce Zalaznick,
EVP-International, +1-973-228-6111, both of Chelsea Property Group, Inc.