CBL Properties and Horizon Group Properties Announce Grand Opening of The Outlet Shoppes at Oklahoma City

CBL & Associates Properties, Inc. (NYSE: CBL) and Horizon Group Properties, Inc. (HGPI) (OTC:HGPI.PK) announced today that they will open The Outlet Shoppes at Oklahoma City on August 5, 2011, fully leased with 83 stores. Over 40 of the stores are new to Oklahoma City.

The center is scheduled to open to the public with a wide variety of well-known designer outlets, including Nike, Saks Fifth Avenue OFF 5TH, Polo Ralph Lauren, Brooks Brothers, Guess, Chico’s, Coach, Banana Republic, DKNY, J. Crew, Michael Kors, Tommy Hilfiger, Under Armour, Levi’s and Carters.

“We are thrilled to open The Outlet Shoppes at Oklahoma City fully leased,” said Stephen Lebovitz, president and chief executive officer of CBL & Associates Properties, Inc. “We expect that this center will become a favored retail destination for Oklahoma City residents as well as another great reason for tourists to visit the city.”

“We are excited about this strong group of retailers and believe they will help draw shoppers from a large area throughout Oklahoma, Kansas and Texas,” said Gary J. Skoien, chief executive officer of Horizon Group Properties.

Located at the intersection of Interstate 40 and Council Road, The Outlet Shoppes at Oklahoma City is the only outlet center in the state. Over 112,000 cars pass by the site daily. The center is expected to draw over six million visitors a year from a three-state area and travelers on Interstates 35, 40 and 44.

Built in a shopper-friendly racetrack layout, the center has covered tensile structure walkways to maximize comfort and convenience for patrons. It will have landscaped courtyards, vibrant architectural features and a fun lively setting. The center will feature a large food court, children’s play area, center court stage with fountains and other amenities to encourage shoppers to fully enjoy the different retail and entertainment choices. Land is available at the site to construct an additional 60,000 sq. ft of outlet shops and out parcels are being marketed for sale for uses complementary to the center.

Over 1,000 new retail jobs have been created and more will be filled before the start of the holiday season. The center will generate more than $120 million in estimated annual sales providing over $4 million of new local sales tax revenue for the city.

The Outlet Shoppes at Oklahoma City is a joint venture of CBL & Associates Properties, Inc. and Horizon Group Properties.

Persons interested in learning more about available outparcels should contact Phil McNeely, Director of Peripheral Property by telephone at 423-490-8304 or by email at phil_mcneely@cblproperties.com.

About Horizon Properties

Based in Muskegon, Michigan, Horizon Group Properties, Inc. is a national owner and developer of factory outlet shopping centers and is the developer of a master planned community in suburban Chicago.

About CBL & Associates Properties, Inc.

CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 157 properties, including 85 regional malls/open-air centers. The properties are located in 26 states and total 84.9 million square feet including 3.4 million square feet of non-owned shopping centers managed for third parties. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. Additional information can be found at cblproperties.com.

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