caret-down

Campbell Soup Company Purchases Land from DRPA for Gateway Office Park

Progress on Gateway Project Continues

CAMDEN, N.J.–(BUSINESS WIRE)–Jun. 30, 2009–
Campbell Soup Company (NYSE:CPB) today announced that it has completed
the acquisition of a 1.9-acre tract of land previously owned by the
Delaware River Port Authority (DRPA) as part of the company’s efforts to
develop an office park adjacent to its campus headquarters.

Campbell purchased the land, which had been used as a parking lot, for
$426,000. The property is located between 11th Street and
Admiral Wilson Boulevard in Camden, adjacent to three additional parcels
Campbell purchased (a former commercial laundry operation, a building
housing a former elevator repair operation and a City Parking Authority
lot).

“We have lived up to every commitment we made on this project, and we
continue to make progress on our plans to help revitalize this corner of
Camden,” said Robert Zane, Campbell’s Vice President of Real Estate
Operations. “We now have a sizable plot of land ready for redevelopment
and are in ongoing discussions with potential tenants and developers
interested in the project.”

With the most recent purchase, Campbell now has an entire stretch of
land from 11th Street to Admiral Wilson Boulevard between
Newton and Mt. Ephraim Avenues available for the office park. Campbell
also acquired additional land for the office park to the immediate east,
west and south of the former Sears building, which remains vacant and in
a state of disrepair, despite promises to restore the building by Ilan
Zaken, who has owned the dilapidated property since October 2007.

In addition to acquiring land, Campbell has remediated environmental
issues on all the properties and prepared them for immediate
redevelopment as part of the planned office park.

Most of the acquired acreage included vacant, blighted buildings and
empty lots. For instance, in July 2008, Campbell demolished the
abandoned and graffiti-covered Sears Tire and Battery building, located
next to the long-neglected Sears building, on Admiral Wilson Boulevard.

Project Background

The planned office park will occupy approximately 100 acres, with
Campbell’s campus covering approximately 40 acres. The proposed office
park would cover parcels previously containing vacant and neglected
buildings and empty lots.

Campbell plans to invest up to $90 million in the project, including its
new facility, 40-acre campus and the planned office park; government
agencies will invest approximately $23 million to upgrade roadways and
other utilities in the area.

Campbell broke ground on its new building in October 2008 and completed
the steel phase of construction in April 2009, which is part of a 90
million dollar expansion of its world headquarters. The New Jersey
Department of Transportation together with the City and County have
begun upgrading the roadways in the Gateway District and the Camden
County Municipal Utilities Authority has initiated utility relocation
projects necessary to service the planned office park.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high-quality foods and simple meals, including soup, baked snacks, and
healthy beverages. Founded in 1869, the company has a portfolio of
market-leading brands, including “Campbell’s,” “Pepperidge Farm,”
“Arnott’s,” and “V8.” For more information on the company, visit
Campbell’s website at www.campbellsoup.com.

Source: Campbell Soup Company

Campbell Soup Company
Anthony Sanzio (Media)
(856) 968-4390