NORTHBROOK, Ill., Aug. 31 /PRNewswire/ -- Bradley Real Estate, Inc.
(NYSE: BTR) announced today that, at its Special Meeting of Stockholders held
this morning, shareowners approved the Company's proposed merger with Heritage
Property Investment Trust. As previously announced, the closing of the merger
is also subject to other customary closing conditions. Assuming all other
conditions to closing are satisfied, the Company anticipates that the merger
should close by the end of the third quarter of 2000.
Upon consummation of the transaction, Heritage will be one of the largest
owners of neighborhood and community centers in the country, owning 151
properties in 27 states aggregating approximately 23.6 million square feet.
Heritage is a private REIT whose major investors include the New England
Teamsters and Trucking Industry Pension Fund and The Prudential Insurance
Company of America.
Bradley Real Estate is the nation's oldest real estate investment trust
and a leading owner and operator of neighborhood and community shopping
centers located in the Midwest region of the United States. The company owns
96 shopping centers located in 15 states aggregating 15 million square feet of
rentable space.
The preceding information may contain forward-looking statements
concerning the Company's plans, objectives and expectations, including
statements concerning the anticipated timing of closing, which are dependent
upon a number of factors outside our control including the possibility that
market or other factors could adversely affect Heritage's ability to obtain
the financing necessary to complete the merger or otherwise delay closing the
merger. Reference is made to the discussions under the captions "Risk
Factors" in the Company's 1999 Form 10-K report which includes a discussion of
certain factors that could cause actual results to differ materially from
those in forward-looking statements. The Company undertakes no duty or
obligation to update any forward-looking statements contained in this press
release.
To receive additional information on Bradley Real Estate free of charge
via fax, dial 1-800-PRO-INFO and enter "BTR" or visit the company's website at
http://www.bradleyrealestate.com .
SOURCE Bradley Real Estate, Inc.
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Related links:
http://www.bradleyrealestate.com
CONTACT:
Thomas P. D'Arcy, Chairman and CEO of
Bradley, 847-272-9800; or Diane Rohlin of The Financial Relations
Board, 312-640-6748
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