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



    INDIANAPOLIS, June 1 /CNW/ -- 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
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 www.simon.com.





For further information:

For further information: Shelly Doran, Investors, +1-317-685-7330, or
Les  Morris, Media, +1-317-263-7711, both of Simon Property Group, Inc. Web
Site: http://www.simon.com                  http://www.premiumoutlets.co.kr

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SIMON PROPERTY GROUP, INC.

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