Westfield America Trust, Simon Property Group and the Rouse Company announce new CEO of Urban Retail Properties Co.

08 April 2002

Countries: United States

Chicago, April 8, 2002 – Westfield America Trust (ASX:WFA), Simon Property Group (NYSE:SPG) and The Rouse Company (NYSE:RSE) today announced the appointment of Ross B. Glickman as the new Chief Executive Officer of Chicago-based Urban Retail Properties Co., a provider of third party management services to the retail industry. The appointment will be effective upon the closing by the three companies of the acquistion of Rodamco North America NV (RNA), of which Urban Retail Properties Co. is an affiliate. The transaction is expected to close on May 1, 2002.

On January 13, 2002, the three shopping center owners and RNA announced they had reached an agreement for the purchase of RNA’s real estate assets and related businesses for $5.3 billion, pending final approval by RNA’s shareholders. An Extraordinary General Meeting of RNA’s shareholders was held March 25, at which the shareholders overwhelmingly endorsed the proposal.

For more than 30 years, Urban Retail Properties Co. has been a leader in retail leasing, marketing, management and development of such landmark properties as Water Tower Place, Oakbrook Center and Old Orchard Center in the Chicago area, Century City Shopping Center (Los Angeles, CA) and Copley Place (Boston, MA). The company grew to be the nation’s second largest retail manager, with a portfolio of more than 67 million square feet in 28 states and the District of Columbia. As an affiliate of Urban Shopping Centers, Inc., which became public in 1993 and was subsequently acquired by RNA, Urban Retail has managed the assets of RNA and more than 35 other property owners. After the acquisition by Westfield, Simon and Rouse, the acquiring companies will own and manage the assets previously owned by RNA. Urban Retail Properties Co. will lease and manage a portfolio of more than 41 million square feet for a variety of owners, and will be the third largest manager of third-party properties in the country.

“Urban Retail Properties Co. has earned its reputation as one of the highest quality property managers in the country, and has earned the respect of leading retailers and property owners,” said Rouse COO Doug McGregor, spokesperson for the three acquiring companies. “Combining the leadership of a respected industry veteran like Ross Glickman with the company’s leading market position and the unique skills and talents of its team of professionals will make Urban Retail Properties Co. an important factor in the industry.”

Mr. Glickman has been with Urban Retail Properties Co. since 1991 as President of Leasing. Prior to joining it, Mr. Glickman was Director of Real Estate for the Limited, Inc. A native of Boston, Mr. Glickman is a trustee of the Illinois Economic Development Board appointed by Governor George Ryan, and a member of the International Council of Shopping Centers. He received his Bachelor of Arts degree from Ohio State University.

“Urban Retail Properties Co. is as strong as ever, with the company’s leadership intact,” said Glickman. “There will be no change in the way we conduct our business. We will continue to bring the highest level of leasing, marketing, management and development to our clients. We are determined and focused on building the business and on enhancing the value of our clients’ assets.”

Urban Retail Properties Co.’s third-party managed portfolio includes assets owned by a diverse group of companies and institutions, including JP Morgan Chase, Wells Fargo Bank, MetLife, Equity Office Properties, Commonwealth Realty Advisors, Ohio State Teachers, Lend Lease, RREEF, Cullinan Properties, HHH Properties, Blackstone Realty and The City of St. Petersburg. The company manages and leases properties in more than 20 states and the District of Columbia.

“Institutions and individual property owners increasingly look to national companies with strong industry relationships. Thus, property leasing and management will continue to be a growing business,” Glickman said. “With our strong reputation and brand equity in the retail community, Urban is uniquely positioned to be the industry leader.”

Rodamco North America NV (RNA) is a major property investment company operating in the United States and is one of the largest property companies quoted on the Official Market of Euronext Amsterdam. Through focus on its core business of top-quality retail properties and the acquisition of Urban Shopping Centers, Inc. (‘Urban’) in November 2000, RNA is the third largest shopping mall owner in the U.S., with interests in 35 regional shopping malls across the country and its property management affiliate, Urban Retail Properties Co.

Westfield America Trust (ASX: WFA) is one of the largest property trusts listed on the Australian Stock Exchange. WFA owns the Westfield America portfolio of 39 major U.S. shopping centers, branded as Westfield Shoppingtowns. Westfield Shoppingtowns are home to more than 5,000 specialty stores, serve 10 percent of the U.S. population and comprise 37.8 million square feet of leasable space in California, Colorado, Connecticut, Maryland, Missouri, New Jersey, New York, North Carolina and Washington.

Simon Property Group, Inc. (NYSE:SPG), headquartered in Indianapolis, Indiana, is a self-administered and self-managed real estate investment trust which, through its subsidiary partnerships, is engaged in the ownership, development, management, leasing, acquisition and expansion of income-producing properties, primarily regional malls and community shopping centers. It currently owns or has an interest in 252 properties containing an aggregate of 187 million square feet of gross leasable area in 36 states and seven assets in Europe and Canada. Together with its affiliated management company, Simon owns or manages approximately 191 million square feet of gross leasable area in retail and mixed-use properties. Shares of Simon Property Group, Inc. are paired with beneficial interests in shares of stock of SPG Realty Consultants, Inc. Additional Simon Property Group information is available at www.shopsimon.com.

Headquartered in Columbia, Md., The Rouse Company (NYSE:RSE) was founded in 1939 and became a public company in 1956. A premier real estate development and management company, The Rouse Company, through its numerous affiliates, operates more than 200 properties encompassing retail, office, research and development and industrial space in 21 states. The Rouse Company is also the developer of the planned communities of Columbia, Md., and Summerlin, just outside of Las Vegas.

This release includes forward-looking statements, which reflect the companies’ current view with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from historical or anticipated results. The words “believe”, “expect”, “anticipate” and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. The companies undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For a discussion of certain factors that could cause actual results to differ materially from historical or anticipated results, including real estate investment risks, development risks and changes in the economic climate, you are referred to various historical filings by Simon Property Group, Inc. and The Rouse Company with the Securities and Exchange Commission. Such filings include, but are not limited to Form 10K and Form 10Q.