Company Description:
Chelsea Property Group is the world's largest developer, owner and operator of manufacturers' outlet centers. A New York Stock Exchange listed real estate investment trust from 1993 to 2004, it was acquired by Simon Property Group, Inc. (NYSE: SPG; www.simon.com) for approximately $5 billion in October, 2004. Chelsea operates as a wholly owned subsidiary of Simon. At December 31, 2007, Chelsea wholly or partially owned 56 Premium Outlet?? and other shopping centers - containing 18.8 million square feet of gross leasable area - located in 27 states, Japan, Korea and Mexico. Its 38 domestic Premium Outlet Centers were 99% leased at year end and generated same space sales of $504 per square foot during 2007. Chelsea's leading properties in the United States include Woodbury Common Premium Outlets, near New York City; Orlando Premium Outlets, in Orlando, Florida; Wrentham Village Premium Outlets, near Boston; Desert Hills Premium Outlets, near Palm Springs, California; Las Vegas Premium Outlets, in Las Vegas, Nevada; and Chicago Premium Outlets, near Chicago, Illinois. Chelsea Japan Co., Ltd. - a 40%-owned joint venture established in 1999 - is the leading developer and owner of upscale outlet centers in Japan, with six properties in the Tokyo, Osaka, Nagoya and Fukuoka markets. Premium Outlets de Mexico - a 50% owned joint venture - opened Mexico's first Premium Outlet Center, in Mexico City, in 2004. Shinsegae Chelsea Co., Ltd. - a 50% owned joint venture - opened the first Chelsea Premium Outlet Center in Korea, near Seoul in 2007. The Company continues to be an active developer of new properties both in the United States and internationally. In the U.S., Houston Premium Outlets opened in March 2008 and Jersey Shore Premium Outlets is scheduled to open in November 2008. In Japan, Sendai-Izumi Premium Outlets is planned to open in fall 2008.
Chelsea Property Group is the world's largest developer, owner and operator of manufacturers' outlet centers. A New York Stock Exchange listed real estate investment trust from 1993 to 2004, it was acquired by Simon Property Group, Inc. (NYSE: SPG; www.simon.com) for approximately $5 billion in October, 2004. Chelsea operates as a wholly owned subsidiary of Simon. At December 31, 2007, Chelsea wholly or partially owned 56 Premium Outlet?? and other shopping centers - containing 18.8 million square feet of gross leasable area - located in 27 states, Japan, Korea and Mexico. Its 38 domestic Premium Outlet Centers were 99% leased at year end and generated same space sales of $504 per square foot during 2007. Chelsea's leading properties in the United States include Woodbury Common Premium Outlets, near New York City; Orlando Premium Outlets, in Orlando, Florida; Wrentham Village Premium Outlets, near Boston; Desert Hills Premium Outlets, near Palm Springs, California; Las Vegas Premium Outlets, in Las Vegas, Nevada; and Chicago Premium Outlets, near Chicago, Illinois. Chelsea Japan Co., Ltd. - a 40%-owned joint venture established in 1999 - is the leading developer and owner of upscale outlet centers in Japan, with six properties in the Tokyo, Osaka, Nagoya and Fukuoka markets. Premium Outlets de Mexico - a 50% owned joint venture - opened Mexico's first Premium Outlet Center, in Mexico City, in 2004. Shinsegae Chelsea Co., Ltd. - a 50% owned joint venture - opened the first Chelsea Premium Outlet Center in Korea, near Seoul in 2007. The Company continues to be an active developer of new properties both in the United States and internationally. In the U.S., Houston Premium Outlets opened in March 2008 and Jersey Shore Premium Outlets is scheduled to open in November 2008. In Japan, Sendai-Izumi Premium Outlets is planned to open in fall 2008.