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Simon's Chelsea Division Expands Orlando Premium Outlets(R)

INDIANAPOLIS--(BUSINESS WIRE)--Nov. 6, 2008--Simon Property Group, Inc. (NYSE: SPG) announced today that its Chelsea outlet division opened the second phase of Orlando Premium Outlets(R), in Orlando, Florida. The 114,000 square-foot expansion brings the property to a total of 550,000 square feet of gross leasable area (GLA) and 150 stores. It also includes the construction of a four-level parking garage which opened in 2007 in advance of the expansion.

The center is located off Interstate 4 at Exit 68 near State Route 535 midway between Walt Disney World and SeaWorld with direct access from International Drive.

Orlando Premium Outlets opened in 2000 and has had a strong following of domestic and international shoppers ever since. With sales exceeding $1,000 per square foot, it is widely considered among the most productive outlet centers in the United States. Existing merchants include Adidas, Barneys New York, Burberry, Coach, Cole Haan, Diesel, Dior, DKNY, Dooney & Bourke, Etro, Fendi, Gap Outlet, Giorgio Armani, Hugo Boss, Kenneth Cole, Lacoste, Lucky Brand Jeans, MaxMara, Movado, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Theory, Tod's, Tommy Hilfiger and Zegna.

Phase II is 100% leased and adds 40 new merchants including Columbia Sportswear Company, Converse, Crocs, Eddie Bauer, Frette, Geox, J.Crew, Joe's Jeans, LeSportsac, Loft Outlet, M + F Girbaud, Oakley Vault, Seiko, Wolford and Y-3. The expansion includes a new children's play area.

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 386 properties comprising 263 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.

CONTACT: Simon Property Group
Les Morris, 317-263-7711
E-mail: lmorris@simon.com
or
Chelsea Property Group
Michele Rothstein, 973-228-6111
E-mail: shopper@premiumoutlets.com

SOURCE: Simon Property Group, Inc.

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