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Chelsea Property Group, Inc. (ticker: CPG, exchange: New York Stock Exchange) News Release - 16-Mar-2004
Chelsea Japan Opens Tosu Premium Outlets; Project Brings Portfolio to One Million Square Feet
ROSELAND, New Jersey--(BUSINESS WIRE)--March 16, 2004--Chelsea Property Group, Inc. (NYSE: CPG) announced that its Tokyo-based joint venture, Chelsea Japan Co., Ltd., held the grand opening of Tosu Premium Outlets, a new outlet center serving the Fukuoka region of Kyushu, last Friday, March 12.
Tosu Premium Outlets is strategically located approximately 20 miles south of Fukuoka, Japan's fourth-largest city, near the intersection of Kyushu Island's primary north-south and east-west expressways. Its market area includes the northern part of Saga prefecture, and also extends into Fukuoka, Nagasaki, Oita, Kumamoto and Yamaguchi prefectures, with a population of 7.2 million people within a 90-minute drive. The Tosu area draws large numbers of tourists to attractions such as the Dazaifu Tenmangu Shrine in Fukuoka prefecture (7.5 million visitors annually) and the Yoshinari remains in Saga prefecture. Additionally, the city of Fukuoka and greater Kyushu are among Asia's most popular tourist destinations - with numerous resorts, spas, and cultural and historical attractions - drawing visitors from all parts of Japan and abroad.
Tosu Premium Outlets' design is based on a Spanish Mission style reminiscent of certain parts of southern California. The 185,000 square-foot first phase of the project is fully leased to more than 100 leading domestic and international brands and restaurants, including Adidas, BCBG MaxAzria, Benetton, Bodum, Brooks Brothers, Callaway Golf, Coach, Cole Haan, Dolce & Gabbana, Escada, Furla, Guess, Helly Hansen, Lego, Levi's, Miss Sixty, Nike, Petit Bateau, Royal Copenhagen, Taylor Made, Theory and Timberland.
At opening ceremonies during the week, Leslie T. Chao, Chairman of Chelsea Japan, said, "Tosu Premium Outlets brings together many exciting international and domestic brands to produce an entirely new shopping experience for this region of Japan. We are delighted to be here and look forward to contributing to the economic diversity and vitality of Saga prefecture, Fukuoka and Kyushu. As well, this project is a milestone for Chelsea Japan in bringing its total portfolio to one million square feet of leasable area."
Formed in 1999, Chelsea Japan is a joint venture of Chelsea Property Group (with a 40% interest), Mitsubishi Estate Co., Ltd. and Nissho Iwai Corporation (30% each). 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 interests in a wide range of businesses including retail real estate. Chelsea Japan is the leading developer and owner of high-end outlet centers in Japan, with four properties - Gotemba, Rinku, Sano and Tosu Premium Outlets - located in the Tokyo, Osaka and Fukuoka markets. In addition to the opening of Tosu Premium Outlets, other activity planned for 2004 includes expansions of Sano and Rinku Premium Outlets, and the start of construction of Toki Premium Outlets, near Nagoya.
Chelsea Property Group, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that wholly or partially owns 61 Premium Outlet(R) and other shopping centers - containing 16.3 million square feet of GLA - 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; Desert Hills Premium Outlets, near Palm Springs, California; and Wrentham Village Premium Outlets, near Boston. 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., Roseland
Anthony J. Galvin, EVP - International
973-228-6111
SOURCE: Chelsea Property Group, Inc.
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