NORTHBROOK, Ill., Dec. 11 /PRNewswire/ -- Bradley Real Estate, Inc.
(NYSE: BTR) announced that it has completed two equity offerings raising
approximately $25 million.  In addition, the company announced that it has
purchased five additional community shopping centers, which meet its
investment criteria of grocery-anchored community shopping centers in primary
and secondary markets in the Midwest.  These acquisitions bring the company's
acquisition total to $160 million, exceeding the company's targeted objective
of $150 million for the year.

    Completes Equity Offerings
    The company announced the completion of an offering on December 1, 1997,
of 990,000 shares of its Common Stock at a price to the public of $20.375 per
share with estimated net proceeds to the company from the sale of the shares
of $19.3 million, after deducting the underwriting discount and expenses.  The
shares were sold subject to the terms of a previously announced underwriting
agreement, between the company and PaineWebber Incorporated (the
"Underwriter").  Pursuant to the agreement, PaineWebber, acting as
underwriter, will purchase up to $60 million of the company's common stock
over a six month period ending April 21, 1998, at the then current market
price less a negotiated discount.  Bradley, at its option, has the right to
sell common shares in amounts ranging from $5 to $20 million per transaction.
This transaction represents the first draw under the $60 million agreement.
    In addition, the company completed an offering on December 10, 1997, of
300,000 shares of its Common Stock at a price to the public of $20.50 per
share with estimated net proceeds to the company from the sale of the shares
of $5.9 million, after deducting the underwriting discount and expenses.  This
transaction was underwritten by C. E. Unterberg, Towbin.
    The purpose of the offerings was to raise additional equity capital for
use in funding the company's shopping center acquisition program.  The net
proceeds will be used to reduce outstanding indebtedness incurred under the
company's unsecured line of credit with the expectation that the company may
reborrow under the line for acquisition, development, renovation and expansion
of properties.

    Exceeds 1997 Acquisition Target
    The company also announced the acquisition of five properties, two in
Illinois and three in Minnesota, purchased at a total price of approximately
$42 million.  Specifically, the company purchased:

    *  Sterling Bazaar, an 82,000-square-foot, 94 percent occupied, community
       shopping center, located in Peoria, Illinois, anchored by a 52,000-
       square-foot Kroger;
     *  Wardcliffe Center, a 62,000-square-foot, 100 percent occupied,
       community shopping center, located adjacent to Sterling Bazaar in
       Peoria, Illinois, anchored by a 16,000-square-foot Revco Drug;
    *  Central Valu, a 123,000-square-foot, 93 percent occupied, community
       shopping center, located in Columbia Heights, Minnesota, anchored by a
       66,000-square-foot Rainbow Foods and a 12,000-square-foot Walgreens;
    *  Westview Valu, a 163,000-square-foot, 93 percent occupied, community
       shopping center, located in West St. Paul, Minnesota, anchored by a
       93,000-square-foot Cub Foods;
    *  Elk Park, a 155,000-square-foot, 99 percent occupied, community
       shopping center located in Elk River, Minnesota, anchored by a 60,000-
       square-foot Cub Foods and a non-owned Target.

    Over the past eleven months, the company has purchased approximately
$160 million in new acquisitions at an average first-year yield of
approximately 10.5 percent.  Commenting on the acquisition program, Richard
Heuer, executive vice president of acquisitions, stated, "1997 has been an
active year for the company.  The 21 properties purchased to date aggregate
$160 million, which exceeds our targeted acquisition level of $150 million
announced earlier in the year.  Since year-end 1996, we have increased the
number of properties by 58 percent from 31 to 49 properties resulting in a 21
percent increase in total portfolio square footage.  These recent acquisitions
fit our criteria of centers anchored by strong grocers located in primary and
secondary markets in the Midwest.  In addition, we have sold three non-core
properties for a net sales price aggregating $20 million and have a fourth
property under contract for sale.  Our acquisition pipeline remains strong and
we anticipate closing on additional properties by year-end."
    Bradley Real Estate, Inc. is the nation's oldest 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 49 properties in 11 states aggregating 9.2 million square
feet.  The company has paid 145 consecutive quarterly dividends.
    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 1996 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.
    To receive additional information on Bradley Real Estate free of charge
via fax, dial 1-800-PRO-INFO and enter "BTR."

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