Real Estate Central

MONROE, Ohio, June 25 /PRNewswire-FirstCall/ — Simon Property Group,
Inc. (NYSE: SPG), the country’s largest owner, developer and manager of
high quality retail real estate announced that its Chelsea outlet division
held ceremonies today to mark the start of construction of Cincinnati
Premium Outlets(R), a 400,000 square-foot upscale outlet shopping center
serving the greater Cincinnati market.

The center will be located on a 117-acre site in Monroe, north of
Cincinnati, off Interstate 75 at exit 29 (Ohio 63) in Warren County. It
will comprise 120 outlet stores featuring high-quality designer and name
brands similar in mix to other Chelsea properties. Opening is scheduled for
the summer of 2009.

John R. Klein, co-president of Chelsea, said, “Cincinnati Premium
Outlets will satisfy a need in the Cincinnati market, which does not
currently have an equivalent upscale outlet center. We look forward to
bringing together an impressive collection of designers and brands that
will offer great value, quality and selection. We are also pleased to be
creating an estimated 800-plus new jobs and significant economic
development for the area.”

Chelsea is the world leader in upscale outlet shopping, with 47 Premium
Outlet Centers — containing 18.1 million square feet of gross leasable
area — located in 22 states, Japan, Korea and Mexico. See
http://www.premiumoutlets.com for more information.

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 383
properties comprising 261 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 http://www.simon.com

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[Via Real Estate Newswire]