NORTHBROOK, Ill., May 1 /PRNewswire/ -- Bradley Real Estate, Inc.
(NYSE: BTR) today announced the formation of a co-development program with
Oppidan Center Development, LLC, an affiliate of privately owned Minneapolis-
based Oppidan, Inc.  Oppidan, a leading developer of Midwest grocery-anchored
shopping centers, was founded in 1991 and since its inception has focused
primarily on retail development in the upper Midwest.
    Under the terms of the agreement, Bradley and Oppidan will work together
on all aspects of the development process and share in the value created from
the new developments, with Bradley purchasing the properties upon completion.
Bradley believes this arrangement will allow the company to acquire quality
grocery-anchored properties at favorable yields.  Bradley's strong Midwest
presence, with 11 million square feet of property in 12 states, coupled with
Oppidan's extensive development experience and grocery store relationships,
should provide a strong platform to aggressively develop quality grocery-
anchored retail centers in selected Midwest markets.
    The agreement initially includes five properties that are presently in
varying stages of development, the majority of which are expected to be
completed by year-end 1998.  Upon completion, these five properties will have
a value of approximately $50 million.
    Commenting on the agreement, Thomas D'Arcy, president and chief executive
officer, stated, "We are pleased to announce the beginning of what we believe
will be a very productive relationship for both the share owners of Bradley
and the principals of Oppidan.  We have known the principals of Oppidan for
many years and have always been impressed with their creativity and market
knowledge.  Through this agreement we will augment our acquisition activities
with development opportunities in selected markets and will do so in a manner
consistent with the risk profile of our company.  I believe this business
arrangement will further enhance Bradley's already strong franchise in our
Midwest markets."
    Joseph Ryan, president and founder of Oppidan, stated, "We are excited to
begin what we believe will be a highly productive and beneficial relationship
with Bradley.  A close alliance with Bradley, which we view as the preeminent
real estate company operating in our markets, will allow Oppidan to
significantly increase its market presence."
    The preceding information contains forward-looking statements of the
company's plans, objectives and expectations, which are dependent upon a
number of factors including a stable retailing climate in the Midwestern
United States, the financial viability of the company's tenants and the
continuing availability of retail center acquisitions and development
opportunities in the Midwest on favorable terms. Reference is made to the
discussions under the captions "Risk Factors" in the company's 1997 Form 10-K
report which includes a discussion of certain other factors which could cause
actual results to differ materially from those in forward-looking statements.
    Bradley Real Estate, Inc. is the nation's oldest real estate investment
trust (REIT) and a leading owner and operator of neighborhood and community
shopping centers located in the Midwest region of the United States.  The
company owns 59 properties aggregating 11 million square feet of rentable
space.  The company has paid 147 consecutive quarterly dividends to its share
owners.
    For further information on Bradley Real Estate, Inc. free of charge via
fax, simply dial 1-800-PRO-INFO and enter "BTR."

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