Simon Property Group Opens First Premium Outlet Center(R) in South Korea

    INDIANAPOLIS, June 1 /PRNewswire-FirstCall/ -- Simon Property Group,
 Inc. ( SPG) announced today that its Chelsea division opened Yeoju
 Premium Outlets, the first Premium Outlet Center(R) in South Korea. The
 project is located on Expressway 50 -- a heavily traveled east-west highway
 -- approximately 36 miles southeast of Seoul in Gyeonggi Province.
 Population within a 40-mile radius of Yeoju Premium Outlets is
 approximately nine million people.
     The 250,000 square-foot first phase of the project opened fully leased
 to 120 tenants including A. Testoni, Adidas, Anna Molinari, Anna Sui,
 Armani, Bogner, Brooks Brothers, Burberry, Callaway Golf, CK Jeans, Coach,
 Columbia Sportswear, Diesel, DKNY, Dolce & Gabbana, Dunhill, Ermenegildo
 Zegna, Escada, Furla, Givenchy, Gucci, Hugo Boss, Levi's, LeSportsac,
 Mango, Marks & Spencer, MaxMara, Nike, NineWest, Oilily, Ping Golf, Polo
 Ralph Lauren, Puma, Reebok, Royal Copenhagen, Salvatore Ferragamo,
 Samsonite, ST Dupont, St. John, Theory, Tommy Hilfiger, TSE, Valentino and
 Vivienne Westwood. Approximately 90% of the center has been leased to
 international brands and the balance to Korean domestic brands including
 Bean Pole, Kim Young Joo, Kuho, Solid Homme and Hazzys. The center also
 includes nine restaurant and food tenants. The project is expandable by
 approximately 100,000 square feet of gross leasable area.
     Yeoju Premium Outlets is the first project to be completed by Shinsegae
 Chelsea Co., Ltd., a joint venture between Simon (50%) and Shinsegae Co.,
 Ltd. and Shinsegae International Co., Ltd. (together 50%). Shinsegae is one
 of Korea's leading retailers, having opened the country's first department
 store in 1930. It currently operates seven upscale department stores
 located primarily in the Seoul region, as well as 112 E-Marts comprising
 the largest and most successful discount store chain in Korea. Through its
 subsidiary Shinsegae International, Shinsegae is also a leading fashion
 distributor in Korea and manages and operates nine freestanding
 international luxury-brand stores -- including Armani, Coach, Dolce &
 Gabbana, Escada and St. John flagship stores in Seoul -- and approximately
 250 shop-in-shops.
     Leslie T. Chao, Chief Executive Officer of Chelsea and chairman of the
 joint venture, said, "Korea's growing prosperity and increasingly
 sophisticated consumer tastes make it a natural market for upscale outlets.
 Yeoju Premium Outlets brings together a collection of brands unprecedented
 in Korea, a unique outdoor setting, and a location convenient to a large
 segment of the population of greater Seoul. We are very pleased to be
 opening in Korea with a first project of such high quality."
     For more information on Yeoju Premium Outlets, see
 www.premiumoutlets.co.kr.
     Simon Property Group, Inc. is an S&P 500 company and the largest public
 U.S. real estate company. Simon is a fully integrated real estate company
 which operates from five retail real estate platforms: regional malls,
 Premium Outlet Centers(R), The Mills(R), community/lifestyle centers and
 international properties. It currently owns or has an interest in 382
 properties comprising 258 million square feet of gross leasable area in
 North America, Europe and Asia. The Company is headquartered in
 Indianapolis, Indiana and employs more than 4,500 people worldwide. Simon
 Property Group, Inc. is publicly traded on the NYSE under the symbol SPG
 and has a current total market capitalization of approximately $56 billion.
 For further information, visit the Company's website at www.simon.com.
 
 

SOURCE Simon Property Group, Inc.