|
 |
Chelsea Property Group, Inc. (ticker: CPG, exchange: New York Stock Exchange) News Release - 22-Nov-2002
Chelsea Completes Acquisition of Two Midwestern Properties
ROSELAND, N.J.--(BUSINESS WIRE)--Nov. 22, 2002--Chelsea Property Group, Inc. (NYSE: CPG) announced today that it completed the acquisition of two outlet centers from JMJ Properties, Inc.
The two properties are Outlets at Albertville (Albertville, Minnesota), serving the Minneapolis-St. Paul market; and Johnson Creek Outlet Center (Johnson Creek, Wisconsin), located midway between Madison and Milwaukee, Wisconsin.
The total purchase price for the two properties was approximately $89.5 million, paid in cash and 1.3 million limited partnership units in CPG Partners, L.P. Partnership units in CPG Partners, L.P. are convertible on a 1-for-1 basis to common shares of Chelsea Property Group, Inc.
Chelsea Property Group, Inc. is a fully integrated, self-managed and self-administered real estate investment trust (REIT) that wholly or partially owns 55 Premium Outlet(R) and other shopping centers - containing approximately 13.0 million square feet of gross leasable area - in 30 states and Japan. The Company'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 www.cpgi.com for more information.
Statements in this news release that are not strictly historical are "forward-looking" statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although Chelsea Property Group believes the expectations reflected in such statements are based on reasonable assumptions, it can gives no assurance that its expectations will be attained. Forward-looking statements involve known and unknown risks that may cause actual results to differ materially from expected results. Risk factors include, without limitation: credit risk; the Company's ability to lease its properties; retail, real estate and economic conditions; competition; transaction closing risks; and other risks detailed from time to time in Chelsea Property Group's reports to the Securities and Exchange Commission. The Company accepts no responsibility for updating forward-looking statements.
CONTACT: Chelsea Property Group, Inc.
Michael J. Clarke, 973/228-6111
|
|
|
