DRE announces new developments and acquisitions.

INDIANAPOLIS--(BUSINESS WIRE)--July 16, 1996--Duke Realty Investments Inc. (DRE:NYSE) announced today that it has commenced two new development projects totaling 481,000 square feet and made three new acquisitions totaling 531,000 square feet. In the aggregate, the Company expects these properties to produce a stabilized return of 12.9 percent on its budgeted investment of $38.7 million.

One of the new transactions announced today includes both a new development and an acquisition. An existing tenant at Duke's Park 100 Business Park in Indianapolis, Indiana is expanding and consolidating its Indianapolis distribution operations into a new facility at Park 100 totaling 405,000 square feet. The tenant has signed a 10 year lease for their new building and has also signed a 10 year renewal for 64,000 square feet in their existing Park 100 warehouse. In conjunction with this transaction, Duke has purchased from the tenant a 176,000 square foot warehouse facility located near Park 100 on Guion Road. This purchase includes 5.5 acres of undeveloped land which can accommodate up to 100,000 square feet of additional development. The tenant has leased this existing property from Duke for 10 months while their new Park 100 facility is under construction. Announcement of the name of the tenant and other details will be made shortly.

The second new development announced today is a 76,000 square foot expansion of Duke's Walmart and Best Buy anchored power center located at The Corporate Park at Tuttle Crossing in Columbus, Ohio. Office Max, Family Toy Warehouse, and Reading China have pre-leased approximately 91 percent of this expansion project with lease terms ranging from 10 to 15 years.

The Company's second new acquisition announced today includes two four-story Class A suburban office buildings in Cleveland, Ohio totaling 206,000 square feet. The buildings are known as Great Northern Corporate Center I and II and are located in Cleveland's West submarket off I-480. Together, the two properties are 83 percent leased.

Duke's third acquisition announced today is a 148,000 square foot warehouse property located in Florence Industrial Park along I-75 in the Cincinnati, Ohio metropolitan area. This facility is 57 percent leased for five years to Prestolite Inc., the seller of the property.

Duke Realty Investments is a fully integrated real estate company which owns interests in a diversified portfolio of 236 industrial, office and retail properties encompassing approximately 26.9 million square feet including today's announcements. These properties are primarily located in eight midwestern states, principally Indiana, Ohio and Missouri. Duke Realty also owns more than 1,150 acres of land for future development.

The Company is a self-administered real estate investment trust which provides leasing, management, development, construction and other tenant-related services for its own properties and for approximately 9.6 million square feet of properties owned by third parties.

CONTACT: Duke Realty Investments Inc., Indianapolis

Thomas K. Peck, Investor Inquires, 317/574-3512

Donna H. Coppinger, Media Inquiries, 317/574-3518