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|Simon Property Group Expands Gotemba Premium Outlets(R)|
INDIANAPOLIS, March 25 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. (NYSE: SPG) announced today that its Chelsea outlet division opened the third phase of Gotemba Premium Outlets(R), near Tokyo, Japan. The 95,000 square-foot expansion brings the property to a total of 485,000 square feet of gross leasable area (GLA) containing 200 retail and restaurant tenants.
The largest outlet center in Japan, Gotemba Premium Outlets is located approximately 60 miles west of Tokyo on the Tomei Expressway, midway between Mount Fuji and the Hakone resort area. Its primary trade area extends from west Tokyo and Yokohama to Shizuoka prefecture, and includes approximately seven million people living within a 90-minute drive. The surrounding Mount Fuji-Hakone region is one of Japan's top tourist destinations, receiving more than 45 million visitors annually.
Gotemba Premium Outlets opened in 2000 and has had a strong following of domestic and international shoppers ever since. Widely considered the leading outlet center in Asia, it was expanded by 170,000 square feet of GLA in 2003. Existing international tenants include Adidas, Anna Molinari, Armani, Bally, Banana Republic, BCBG Max Azria, Benetton, Bottega Veneta, Brooks Brothers, Bruno Magli, Bvlgari, Coach, Cole Haan, Cynthia Rowley, Diesel, Dolce & Gabbana, Dunhill, Escada, Etro, Furla, Gap, Gucci, Hugo Boss, J.Crew, Jimmy Choo, Kate Spade, Kenzo, Laura Ashley, L.L. Bean, Loro Piana, Meleze (LVMH Group), Nike, The North Face, Polo Ralph Lauren, Reebok, Royal Copenhagen, Salvatore Ferragamo, Space (Prada, Miu Miu), S.T. Dupont, Taylor Made, Theory, Timberland, Tod's, Tommy Hilfiger, Triumph, Tumi, Versace, Vivienne Westwood, Wedgwood, Yves Saint Laurent and Zegna.
Phase III is 100% leased and results in the net addition of 35 new tenants, including Aquascutum, DeLonghi, Issey Miyake, Jil Sander, Junko Shimada, Lacoste, Le Creuset, Marni, Nikon, Puma, St. John, Via Bus Stop and Y's Clothing Company.
"Phase III raises the shopping experience at Gotemba Premium Outlets to another level. We are delighted to have had the opportunity to improve as well as enlarge this unique property, and we thank our many tenants and other friends for their support throughout the long development period," Leslie Chao, chairman of Chelsea Japan, said at opening ceremonies.
Chelsea Japan Co., Ltd., established in 1999, is a joint venture of Simon Property Group (40% interest), Mitsubishi Estate Co., Ltd. and Sojitz Corporation (each 30%). The joint venture owns and operates six Premium Outlet Centers(R) -- containing 1.8 million square feet of GLA and 766 stores -- in the Tokyo, Osaka, Kobe, Nagoya and Fukuoka metropolitan markets. A seventh project is under construction near Sendai City (northern Honshu Island), scheduled to open in the fall of 2008; and an eighth is under development in Ami (northeast Tokyo), scheduled to open in 2009. See www.premiumoutlets.co.jp for more information.
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 379 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 5,000 people worldwide. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG. For further information, visit the Company's website at www.simon.com.
SOURCE Simon Property Group, Inc.