FORT WASHINGTON, Pa., Jan. 29 /PRNewswire/ -- Pennsylvania Real Estate
Investment Trust (NYSE: PEI) announced today the acquisition of the 50%
interest owned by Albert H. Marta in Christiana Center Phase I, a 295,000
square-foot shopping center under construction in Newark, Delaware.  The
purchase price was $8.7 million of which $6 million was paid in cash and
$2.7 million will be paid through the issuance of Operating Partnership (OP)
units upon the completion of the Center.  An additional amount will be funded
upon completion through the issuance of OP units based on 50% of the value
of the Center in excess of cost.
    Christiana Center Phase I is located at the intersection of Interstate
95 and Delaware Route 1 in Newark, Delaware, adjacent to the 1,100,000
square-foot-Christiana Mall, Delaware's highest sales producing regional
shopping center.  Average household incomes in the Center's trade area exceed
$50,000, and customers from outside areas are attracted to Delaware's tax-free
shopping.  The anchor tenants for the project are Costco and Dick's Clothing &
Sporting Goods.  The Center is expected to be 100% leased upon its completion
in the fourth quarter of 1998.  The total cost of the Center is estimated at
approximately $38 million.  Pennsylvania Real Estate Investment Trust is a 50%
partner in a partnership that owns property adjoining Christiana Phase I.  The
partnership is currently seeking the rezoning of this property to accommodate
further retail development.
    Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the
first equity REITs in the U.S., has a primary investment focus on shopping
centers (6 million square feet) and apartment communities (7,236 units)
located primarily in the eastern United States.  PREIT's portfolio currently
consists of 45 properties in 10 states.  PREIT is headquartered in Fort
Washington, Pennsylvania, a suburb of Philadelphia.
    With the exception of the historical information contained in the release,
the matters described herein contain forward-looking statements that are made
pursuant to the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995.  Such statements involve various risks and may cause
actual results to differ materially.  These risks include, but are not limited
to, the ability of the Trust to grow internally or by acquisition, and to
integrate acquired businesses, changing industry and competitive conditions,
and other risks outside the control of the company.
    To receive additional information on Pennsylvania Real Estate Investment
Trust via fax at no charge, please dial 1-800-PRO-INFO and enter the ticker
symbol PEI.

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