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

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

June 01, 2007

    INDIANAPOLIS, June 1 /Xinhua-PRNewswire/ -- Simon
Property Group, Inc. (NYSE: 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
http://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
http://www.simon.com . 




    For more information, please contact:

     Shelly Doran, Investors
     Simon Property Group, Inc
     Tel:   [phone]

     Les Morris, Media
     Simon Property Group, Inc
     Tel:   [phone]