NORTHBROOK, Ill., Sept. 14 /PRNewswire/ -- Bradley Real Estate, Inc.
(NYSE: BTR), today announced that Heritage Property Investment Trust, Inc. has
informed Bradley that it intends to close the merger of Bradley into Heritage
by the close of business on Monday, September 18, 2000. Bradley also
announced that Heritage is simultaneously extending its offer to purchase all
outstanding units of limited partnership interest ("LP Units)" of Bradley
Operating Limited Partnership, for $22.00 per LP Unit in cash until 5:00 p.m.,
New York City time, on Monday, September 18, 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. As of the close of business on September 13, 2000,
approximately 1,214,691 LP Units of Bradley OP, representing approximately
97.49% 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, 847-272-9800, or Diane Rohlin of The Financial
Relations Board, 312-640-6748
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