|
 |
Chelsea Property Group, Inc. (ticker: CPG, exchange: New York Stock Exchange) News Release - 13-Mar-2003
Chelsea Japan Opens Sano Premium Outlets; Project is Joint Venture's Third
ROSELAND, N.J., Mar 13, 2003 (BUSINESS WIRE) -- Chelsea Property Group, Inc. (NYSE: CPG) announced today that its Tokyo-based joint venture, Chelsea Japan Co., Ltd., opened Sano Premium Outlets, a new outlet center serving the northern Tokyo market.
Sano Premium Outlets is strategically located approximately 50 miles north of central Tokyo at the junction of the Tohoku Expressway - a major north-south highway linking Tokyo and the Nikko National Park and mountain resort area - and Route 50, a heavily traveled east-west road. Approximately 18 million people are estimated to live within a 90-minute drive of Sano, in an area ranging from north Tokyo to north Tochigi. Additionally, the Nikko area attracts an estimated 6.5 million visitors annually.
Sano Premium Outlets' 180,000 square-foot first phase is fully leased to more than 80 leading domestic and international designer and upscale brands, including Bally, Coach, Furla, Escada, Lacoste, TSE Cashmere, Timberland, Brooks Brothers, Diesel, Theory, Nautica, Bose, Royal Copenhagen and Wedgwood. There also are four restaurants, two cafes and a food court.
The center's design motif is loosely based on the look of an early American village, with shopping "streets" and "squares." Its theme building evokes an 18th century New England steeple.
Leslie Chao, chairman of the joint venture, said, "Sano Premium Outlets continues Chelsea Japan's strong record of creating dominant outlet centers in major markets. With its very attractive location, ambience and tenant mix, we believe it will be a successful new retail entrant in the heavily populated and traveled - yet underserved - north Kanto region."
Construction is also underway on a 170,000 square-foot second phase of Chelsea Japan's flagship property - Gotemba Premium Outlets - located to the west of Tokyo. Upon scheduled opening of the expansion in July 2003, Gotemba Premium Outlets will again be the largest outlet center in Japan at approximately 400,000 square feet of gross leasable area. Rinku Premium Outlets, Chelsea Japan's center near Osaka, was expanded in March 2002 and is currently the largest.
Formed in 1999, Chelsea Japan is a joint venture of Chelsea Property Group (with a 40% ownership interest), Mitsubishi Estate Co., Ltd. (30%) and Nissho Iwai Corporation (30%). Mitsubishi Estate is one of Japan's oldest and largest real estate companies, with major holdings in Tokyo's Marunouchi business district as well as across the country and abroad. Nissho Iwai is one of Japan's largest conglomerates, with fiscal 2002 revenues of more than $30 billion and interests in a wide range of businesses including real estate.
Chelsea Property Group, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that wholly or partially owns 59 Premium Outlet(R) and other shopping centers - containing 14.6 million square feet of GLA - 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. See www.cpgi.com and www.premiumoutlets.co.jp 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 give 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, the receipt of regulatory entitlements for and completion of development projects, in the United States or abroad; construction risks; the availability and cost of capital and foreign currency; credit risk; the Company's ability to lease its properties; retail, real estate and economic conditions; risks inherent to being a partner in joint ventures; competition; 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.
Bruce Zalaznick, EVP - International
Karen Fluharty, Sr. Director - International Marketing
973/228-6111
|
|
|
