NORTHBROOK, Ill., Oct. 22 /PRNewswire/ -- Bradley Real Estate, Inc.
(NYSE: BTR) today announced that it has entered into an agreement with
PaineWebber Incorporated whereby PaineWebber, acting as underwriter, will
purchase up to $60 million of the company's common stock over the next six
months at the then current market price less a negotiated discount.  Under the
terms of the agreement, Bradley, at its option, would have the right to sell
common shares in amounts ranging from $5 to $20 million per transaction.  The
sale price (before discount) would be fixed at the New York Stock Exchange
closing price of the company's common stock on the next or second next trading
day after delivery to PaineWebber of a securities purchase notice specifying
the number of shares to be sold in the particular transaction.
    Proceeds from the equity raised under the agreement will be used to
facilitate the company's acquisition program, reduce amounts outstanding under
the company's revolving line of credit and for general corporate purposes.
    Commenting on the transaction, Thomas P. D'Arcy, president and chief
executive officer of Bradley, stated, "This unique financing arrangement is
structured to provide two important elements to our company.  First, the
certainty of funding, which is accomplished by PaineWebber's commitment to
purchase the stock, as underwriter, at the company's option.  Second, the
transaction provides broad flexibility since we can control when and if the
shares are to be sold.  This arrangement will allow us to match-fund pending
and future acquisitions while maintaining a strong and flexible capital
structure."
    Bradley Real Estate, Inc. is the nation's oldest continuously qualified
real estate investment trust (REIT).  The company is a leading owner and
operator of neighborhood and community shopping centers located in the Midwest
region of the United States.  The company owns 43 properties in 11 states
aggregating 8.5 million square feet.
    The shares will be offered and sold pursuant to the company's effective
shelf registration statement, which contains a Prospectus, copies of which may
be obtained from PaineWebber Incorporated, 1285 Avenue of the Americas, New
York, NY 10019.  The information in this press release contains
forward-looking statements of the company's plans, objectives and
expectations, which are dependent upon a number of factors including the price
of the company's common stock from time to time and the continued availability
of suitable acquisition opportunities in the company's Midwest markets.
Reference is made to the Prospectus, which includes a discussion of certain
other factors that could cause actual results to differ materially from those
in forward-looking statements.

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