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Simon Enters Into S. Korean Venture

INDIANAPOLIS-The first center to be built by Shinsegae Chelsea will serve the Greater Seoul area and up to four could be built in the country.

By Ian Ritter | Updated on April 20, 2005

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.

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