TOKYO(February 7, 2002)--Chelsea Japan Co., Ltd. (head office: Chiyoda-ku, Tokyo; President: Takuo Kato), a joint venture between Nissho Iwai Corporation (investment ratio: 30%), MITSUBISHI ESTATE CO., LTD. (30%) and Chelsea Property Group Inc. (40%), a U.S. outlet mall developer, have been operating 'RINKU Premium Outlets' located in Izumisano-shi, Osaka, the shore opposite Kansai International Airport, and is currently undergoing expansion.

The total store area of the outlet center, which will have its grand opening on March 8 after completion of expansion work, will increase to 23,605 square meters from the current total store area of 16,860 square meters. The outlet center will welcome 40 new stores, resulting in a total of 119 stores. (Fifteen stores among the said forty will appear in Japan for the very first time.) 
Both the area and the number of stores will be upgraded, and the center will become the largest outlet shopping center in Japan, exceeding the scale of Japan's largest outlet shopping center 'GOTEMBA Premium Outlets (22,000 square meters), operating in Gotemba-shi, Shizuoka by Chelsea Japan.