Simon Opens Toki Premium Outlets(R)

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Simon Opens Toki Premium Outlets(R)
         - First Phase of Project Fully Leased To 85 Upscale Brands -

             - Nagoya-area Development is Part of Chelsea Japan's
                         Fifth Center in Five Years -

    ROSELAND, N.J., March 4 /PRNewswire-FirstCall/ -- Simon Property Group,
Inc. (NYSE: SPG) announced today that its Chelsea Property Group division has
opened Toki Premium Outlets(R), a new outlet center serving the greater Nagoya
market.  The new project is a development of Chelsea's Tokyo-based joint
venture, Chelsea Japan Co.
    Toki Premium Outlets' 178,000 square-foot first phase is fully leased to
more than 85 leading U.S. and international designer and upscale brands
including Adidas, Bally, Bose, Brooks Brothers, Bruno Magli, Coach, Diesel,
Furla, Lacoste, Nautica, Nike, Skechers, Timberland, Tommy Hilfiger and
Versace.  There are also six cafes and an eight-restaurant food court.
Additionally, Toki Premium Outlets has a Phase II expansion planned for the
future.
    Toki Premium Outlets is strategically located near the Toki Plasma
Research Park, approximately 30 kilometers northeast of central Nagoya at the
intersection of the recently completed Tokai Loop Expressway and the Chou
Expressway -- a major north-south highway from central Nagoya.  Approximately
7.3 million people live within a 50-kilometer drive from the center in an area
stretching from Nagoya to Toyota City.
    Located in the scenic Central Japan Alps, Toki Premium Outlets' design
motif is loosely based on the look of a Rocky Mountain ski resort, with
shopping streets and large plazas.  The open-air center also features Maple
Court, a 24,700 square foot overlook courtyard with sweeping eastern views.
    The opening of the center coincides with the Aichi World Exposition, an
international event being held from March 25 to September 25, 2005.  It is
estimated that the World Exposition will bring an additional 15 million
domestic and international visitors to the market.
    Mr. Leslie Chao, Chairman of Chelsea Japan, said, "Toki Premium Outlets
joins successful sister properties near Tokyo, Osaka and Fukuoka, and rounds
out our presence in the four largest metropolitan markets of Japan.  We are
confident that its strong location, ambience and tenant mix will make it the
dominant outlet shopping destination in Nagoya and the Gifu region.  We look
forward to a strong start further helped along by the presence of the World
Expo."
    Chelsea is a division of Simon Property Group, Inc. ("Simon").  Simon,
headquartered in Indianapolis, Indiana, is a real estate investment trust
engaged in the ownership, development and management of retail real estate,
primarily regional malls, Premium Outlet(R) centers and community shopping
centers.  The Company's current total market capitalization is approximately
$37 billion.  Through its subsidiary partnerships, it currently owns or has an
interest in 296 properties in the United States containing an aggregate of 202
million square feet of gross leasable area in 40 states plus Puerto Rico.
Simon also holds interests in 51 European shopping centers in France, Italy,
Poland and Portugal; 5 Premium Outlet(R) centers in Japan; one Premium
Outlet(R) center in Mexico; and one shopping center in Canada.  Additional
Simon Property Group information is available at http://www.simon.com .
    Chelsea Property Group is the world's largest owner and operator of
manufacturers' outlet centers with interests in 60 Premium Outlet(R) and other
shopping centers -- containing 17 million square feet of GLA -- in 30 states,
Japan and Mexico.  The Company's leading properties include Woodbury Common
Premium Outlets, near New York City; Orlando Premium Outlets, in Orlando,
Florida; Desert Hills Premium Outlets, near Palm Springs, California; Wrentham
Village Premium Outlets, near Boston; and Gotemba Premium Outlets, near Tokyo.
Please see http://www.cpgi.com for more information.
    Formed in 1999, Chelsea Japan is a joint venture of Chelsea Property Group
(with a 40% ownership interest), Mitsubishi Estate Co., Ltd. (30%) and Sojitz
Corporation (30%).  Mitsubishi Estate is one of Japan's oldest and largest
real estate companies, with major holdings in Tokyo's Marunouchi business
district as well as across the country and abroad.  Sojitz is one of Japan's
largest conglomerates with interests in a wide range of businesses including
real estate.
SOURCE Simon Property Group, Inc.
http://www.simon.com
http://www.cpgi.com
CONTACT:
Karen Fluharty of Chelsea, +1-973-403-2592