The Chelsea Group was formed in July 1987 with the goal of becoming a leading owner/operator of manufacturers’ outlet malls. Between July and December 1987, Warburg Pincus invested $10 million to enable Chelsea to expand operations and take ownership positions in future centers. In October 1993, coincident with its IPO as a REIT, the Chelsea Group merged with Ginsburg-Craig Associates, a West Coast-based developer of upscale outlet malls to form Chelsea. Chelsea had assembled a portfolio of upscale, fashion oriented outlet retail centers, which offered a department store mix of goods at discounted prices directly from manufacturers to consumers. In October 2004, Chelsea was acquired by Simon Property Group in a cash and stock deal that valued Chelsea at $4.9 billion (including debt)

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