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BODDIE-NOELL RESTAURANT PROPERTIES ANNOUNCES ACQUISITIONS

 ROCKY MOUNT, N.C., July 2 /PRNewswire/ -- On June 8, 1993, Boddie-Noell Restaurant Properties, Inc. (AMEX: BNP) acquired Paces Commons Apartments, a 336-unit apartment property located in Matthews, N.C. (a suburb of Charlotte) from an unaffiliated party for $14,250,000. As of June 30, 1993, the occupancy rate of Paces Commons was 97 percent, with an average monthly rental of $522. Based on management's current estimates, the acquisition of Paces Commons is expected to increase BNP's funds from operations on a per share basis.
 BNP financed the purchase through a prime rate mortgage loan from a commercial bank (the "Bank") in the principal amount of $10,200,000, through a draw of $4,000,000 from a $15,000,000 secured revolving line of credit (the "Credit Facility") provided by the Bank, and through available working capital. The Credit Facility was also provided to refinance the first principal installment of $4,000,000 under BNP's original $12,000,000 mortgage loan on its Restaurant Properties, which became due on June 15, 1993, and to provide working capital.
 On May 18, 1993, BNP entered into an acquisition agreement pursuant to which BNP would acquire up to ten apartment properties and three shopping centers, a partnership interest in one other apartment property (collectively the "BT Properties"), and B.T. Venture Corporation ("BTVC"), an integrated property management, acquisition and development company, which manages the BT Properties. The consummation of the acquisition of the properties is subject to the approval of BNP's shareholders and the limited partners of the Partnerships and the satisfaction of certain other conditions. BNP and the Partnerships (which own thirteen of the BT Properties) will solicit such approvals only through the use of a Prospectus/Joint Proxy and Solicitation Statement, which they expect to file with the Securities and Exchange Commission for review within the next several weeks. In connection with the acquisition of the BT Properties and BTVC, BNP acquired the right to purchase Paces Commons from BTVC, which owned an option to purchase the property. BNP has entered into a management contract with BTVC pursuant to which BTVC will manage the property for BNP.
 -0- 7/2/93
 /CONTACT: W. Craig Worthy, Boddie-Noell Restaurant Properties, Inc., 919-937-2800, ext. 223/
 (BNP)


CO: Boddie-Noell Restaurant Properties, Inc.; B.T. Venture Corporation ST: North Carolina IN: LEI SU:

MM -- CH004 -- 8235 07/02/93 15:20 EDT
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Publication:PR Newswire
Date:Jul 2, 1993
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