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News Release - 4-Mar-2005
SIMON OPENS TOKI PREMIUM OUTLETS®
- First Phase of Project Fully Leased To 85 Upscale Brands -
- Nagoya-area Development is Chelsea Japan's Fifth Center in Five Years -
ROSELAND, N.J., March 4, 2005 - Simon Property Group, Inc. (NYSE:SPG) announced today that its Chelsea Property Group division has opened Toki Premium Outlets , a new outlet center serving the greater Nagoya market. The project is a development of Chelsea's Tokyo-based joint venture, Chelsea Japan Co.
Toki Premium Outlets' 178,000 square-foot first phase is fully leased to 85 leading U.S. and international designer and upscale brands including Adidas, Bally, Bose, Brooks Brothers, Bruno Magli, Coach, Diesel, Furla, Lacoste, Nautica, Nike, Skechers, Timberland, Tommy Hilfiger and Versace. There are also seven cafes and an eight-restaurant food court.
Toki Premium Outlets is strategically located near the Toki Plasma Research Park, approximately 30 kilometers northeast of central Nagoya at the intersection of the recently completed Tokai Loop Expressway and the Chou Expressway - a major north-south highway from central Nagoya. Approximately 7.3 million people live within a 50-kilometer drive from the center in an area stretching from Nagoya to Toyota City.
Located in the scenic Central Japan Alps, Toki Premium Outlets' design motif is loosely based on the look of a Rocky Mountain ski resort, with shopping streets and large plazas. The open-air center also features Maple Court, a 24,700 square foot overlook courtyard with sweeping eastern views.
The opening of the center coincides with the Aichi World Exposition, an international event being held from March 25 to September 25, 2005. It is estimated that the World Exposition will bring an additional 15 million domestic and international visitors to the market.
Mr. Leslie Chao, Chairman of Chelsea Japan, said, "Toki Premium Outlets joins successful sister properties near Tokyo, Osaka and Fukuoka, and rounds out our presence in the four largest metropolitan markets of Japan. We are confident that its strong location, ambience and tenant mix will make it the dominant outlet shopping destination in Nagoya and the Gifu region. We look forward to a strong start further helped along by the presence of the World Expo."
Chelsea is a division of Simon Property Group, Inc. ("Simon"). Simon, headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership, development and management of retail real estate, primarily regional malls, Premium Outlet® centers and community shopping centers. The Company's current total market capitalization is approximately $37 billion. Through its subsidiary partnerships, it currently owns or has an interest in 296 properties in the United States containing an aggregate of 202 million square feet of gross leasable area in 40 states plus Puerto Rico. Simon also holds interests in 51 European shopping centers in France, Italy, Poland and Portugal; 5 Premium Outlet® centers in Japan; one Premium Outlet® center in Mexico; and one shopping center in Canada. Additional Simon Property Group information is available at www.simon.com.
Chelsea Property Group is the world's largest owner and operator of manufacturers' outlet centers with interests in 60 Premium Outlet® and other shopping centers - containing 17 million square feet of GLA - in 30 states, Japan and Mexico. 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. Please see www.cpgi.com for more information.
Formed in 1999, Chelsea Japan is a joint venture of Chelsea Property Group (with a 40% ownership interest), Mitsubishi Estate Co., Ltd. (30%) and Sojitz 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. Sojitz, a successor company to Nissho Iwai, is one of Japan's largest conglomerates with interests in a wide range of businesses including real estate.
SOURCE: Simon Property Group, Inc.
For Further Information, Please Contact:
Karen Fluharty, Chelsea Property Group
(973) 403-2592
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