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NEWS RELEASES

Chelsea Property Group, Inc. (ticker: CPG, exchange: New York Stock Exchange) News Release - 20-Apr-2004

Chelsea Property Group Sets Release Date

ROSELAND, N.J.--(BUSINESS WIRE)--April 20, 2004--Chelsea Property Group, Inc. (NYSE: CPG) announced today that it expects to issue its first quarter 2004 operating results on Wednesday, May 5, 2004, after the close of the market. The Company's fourth quarter conference call with investors and analysts will be held on Thursday, May 6, 2004 at 2:00 p.m. eastern time. The call may be accessed by dialing 800-901-5241 (U.S. callers) or 617-786-2963 (international callers) and referencing reservation No. 74782629. A replay of the call will be available through May 13, 2004 by dialing 888-286-8010 (U.S. callers) or 617-801-6888 (international callers) and referencing reservation No. 27560541.

The call will also be available in listen-only mode at the Company's website, www.cpgi.com. A link to the call will be located in the Investor Information section, and a replay will be available for 45 days.

Chelsea Property Group, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that owns 61 Premium Outlet(R) and other shopping centers in 31 states and Japan. The Company's leading properties include Woodbury Common Premium Outlets, near New York City; Orlando Premium Outlets in Orlando, Florida; Las Vegas Premium Outlets in Las Vegas, Nevada; and Gotemba Premium Outlets, near Tokyo, Japan.

CONTACT: Chelsea Property Group, Inc.
Michael J. Clarke, 973-228-6111

SOURCE: Chelsea Property Group, Inc.






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