Raleigh, N.C. – Locally based Konover Property Trust Inc. (KPT) entered into a definitive agreement to sell a portfolio of outlet shopping centers to Roseland, N.J.-based Chelsea Property Group Inc. for $180 million. Closing is expected to take place in third quarter of 2001 in accordance with satisfactory due diligence.

“The completion of this transaction will enable us to further concentrate our actins and activities on community centers in accordance with our strategic plan,” said J. Michael Maloney, president and CEO of KPT.