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 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 www.simon.com

SOURCE Simon Property Group, Inc.