Ian Ritter is national online editor for GlobeSt.com/RETAIL.

INDIANAPOLIS-Chelsea Property Group, the outlet center division of mall owner Simon Property Group, has formed a joint venture alliance with Seoul, South Korea-based retail developer Shinsegae, to build upscale centers in that country. They plan to start building a center in the Greater Seoul area, details of which will be released in the coming months.

Shinsegae will manage the entitlement process, development and construction of the South Korean centers, while Simon will operate, lease, market and design the developments. The Seoul-based venture formed by the developers is called Shinsegae Chelsea, and the two companies will each have a 50% stake in the centers they build.

Chelsea already has experience in Asia. The division has opened five centers in that country. Most recently it opened the $44-million, 178,000-sf Toki Premium Outlets last month, near the City of Nagoya.