INDIANAPOLIS--(BUSINESS WIRE)--
Simon Property Group, Inc. (NYSE: SPG) announced today that its
Chelsea division opened Sendai-Izumi Premium Outlets, the seventh
Premium Outlet Center(R) in Japan. The center, which serves the Sendai
market of northern Honshu Island, is located in Izumi Park Town,
approximately three miles from Izumi Interchange on the Tohoku
Expressway and is easily accessible from downtown Sendai via
Ohira-Sendai Road (Route 264). A major upgrade of Ohira-Sendai Road is
underway and is expected to be completed in 2010.
Sendai-Izumi Premium Outlets is architecturally themed in keeping
with Chelsea Japan's earlier projects and has been designed to
complement neighboring Izumi Park Town Tapio (a new community shopping
center), and the Sendai Royal Park Hotel, both owned by Mitsubishi
Estate Co., Ltd. The 172,000 square-foot first phase of the project
opened fully leased to 80 tenants including Beams, Brooks Brothers,
Bose, Coach, Hush Puppies, Jill Stuart, Kipling, Laundry, Levi's, Miss
Sixty, OshKosh B'Gosh, Pleats Please Issey Miyake, St. John, T-Fal,
Tasaki, United Arrows, as well as the first outlet stores in Japan for
PLS+T and Ray Ban.
Sendai-Izumi Premium Outlets was developed by Chelsea Japan Co.,
Ltd., a joint venture of Simon Property Group (40% interest),
Mitsubishi Estate Co., Ltd. and Sojitz Corporation (each 30%). Chelsea
Japan's operating portfolio - containing 1.9 million square feet of
GLA and more than 800 stores - includes Gotemba Premium Outlets and
Sano Premium Outlets (both serving Tokyo), Rinku Premium Outlets
(Osaka), Kobe-Sanda Premium Outlets (Kobe-Osaka), Toki Premium Outlets
(Nagoya) and Tosu Premium Outlets (Fukuoka). Portfolio-wide tenant
sales exceeded the equivalent of $1.2 billion in 2007. An eighth
center, Ami Premium Outlets is under construction north of Tokyo and
is scheduled to open in the summer of 2009.
About Simon Property Group
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 385 properties comprising 262 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.
