NORTHBROOK, Ill., Sept. 11 /PRNewswire/ -- Bradley Real Estate, Inc.
(NYSE: BTR), general partner of Bradley Operating Limited Partnership
announced that Heritage Property Investment Trust, Inc., a privately owned
REIT headquartered in Boston, Massachusetts, is extending its offer to
purchase all outstanding units of limited partnership interest, or LP Units,
for $22.00 per LP Unit in cash until 5:00 p.m., New York City time, on
Thursday, September 14, 2000. The terms of the extended offer are identical
to the terms of the original offer made to holders of LP Units on
August 7, 2000.
On May 15, 2000, Bradley entered into an agreement and plan of merger with
Heritage, pursuant to which Bradley will be merged with and into a wholly-
owned subsidiary of Heritage. In connection with the merger, Heritage is
offering to purchase the outstanding LP Units for $22.00 per LP Unit in cash,
without interest, subject to completion of the merger and certain other
conditions to closing. Heritage's offer to purchase reflects the same per
share consideration that Bradley's common stockholders will receive in the
merger.
As of the close of business on September 8, 2000, approximately 1,182,239
LP Units of Bradley OP, representing approximately 94.88 % of the total amount
of outstanding LP Units, had been validly delivered.
The preceding information may contain forward-looking statements
concerning the Company's plans, objectives and expectations, including
statements concerning the anticipated timing of closing of the merger and
Heritage's offer to purchase the outstanding LP Units, 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
Real Estate, Inc., 847-272-9800, or Diane Rohlin of The Financial
Relations Board, 312-640-6748
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