NORTHBROOK, Ill., Dec. 1 /PRNewswire/ -- Bradley Real Estate, Inc.
(NYSE: BTR) announced the pricing, which occurred on November 20, 1997, of
$100 million of 7 percent, seven-year senior unsecured notes maturing on
November 15, 2004, issued by Bradley Operating Limited Partnership.  The notes
were priced at 120 basis points over the current yield for seven-year U.S.
Treasury Notes and were sold at 99.780 percent of par to yield 7.04 percent to
maturity.  The effective rate of the offering, reflecting costs associated
with certain hedging transactions, is 7.18 percent.  The transaction closed on
November 24, 1997, and the securities are rated Baa3 by Moody's and BBB- by
Standard & Poor's.
    The proceeds from the offering will be used to prepay the $100 million
REMIC financing originally made to Tucker Properties Corporation and assumed
by the company as part of its acquisition of Tucker in March 1996.  Commenting
on the offering, Irving E. Lingo, Jr., chief financial officer, stated, "This
offering fulfills a key strategic objective of the company and significantly
increases our financial flexibility.  Repayment of the REMIC note with the
proceeds of this offering enables us to lengthen our debt maturities and
remove a significant lien on our asset base.  Upon completion of the offering,
over 90 percent of the company's net operating income will be free of
encumbrance from secured debt."
    The offering was managed by PaineWebber Incorporated and co-managed by
BT Alex.Brown Incorporated, Salomon Brothers Inc. and First Chicago Capital
Markets, Inc.
    Bradley Real Estate, Inc. is the nation's oldest real estate investment
trust (REIT) and a leading owner and operator of neighborhood and community
shopping centers located in the Midwest region of the United States.  The
company owns 46 properties in 12 states aggregating 8.8 million square feet of
rentable space.
    The preceding information contains forward-looking statements of the
company's plans, objectives and expectations, which are dependent upon a
number of factors including the strength of the Midwestern United States
retail climate and the continuing availability of retail center acquisitions.
Reference is made to the Company's form 10-K report, 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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