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COPLEY PROPERTIES, INC. ANNOUNCES ADDITONAL DETAILS ON MERGER

BOSTON, March 8 /PRNewswire/ -- On February 13, 1996 Copley Properties, Inc. (AMEX: COP) announced that it had entered into an Agreement and Plan of Merger under which Copley would be merged into EastGroup Properties (NYSE: EGP). In the merger, each share of Copley's common stock would be converted into EastGroup shares of beneficial interest with a value of $15.60, subject to certain limitations. If, however, Copley had sold its interest in University Business Center Associates ("UBC") to Copley's joint venture partner prior to the closing of the merger, each Copley share would be converted into EastGroup shares with a value of $12.00 and the proceeds from the sale of the UBC interest equal to $3.60 per share would be distributed to Copley's shareholders prior to the merger.

Copley has recently been notified by its joint venture partner that they have elected not to exercise their option to purchase the interest of Copley in UBC. Consequently, it is anticipated that each share of Copley's common stock will be converted into EastGroup shares of beneficial interest with a value of $15.60, subject to certain limitations. The merger is subject to several conditions including approval by the shareholders of both Copley and EastGroup and registration of the EastGroup shares to be issued in the merger with the Securities and Exchange Commission.

Copley Properties, Inc. is an equity real estate investment trust engaged in the business of acquiring, developing, operating and owning industrial real estate. The Company currently owns and operates, directly or through tenancy-in-common arrangements, approximately 2.4 million square feet of rentable space, over 90% of which consists of industrial space. The portfolio is approximately 99.6% leased.
 -0- 3/8/96


/CONTACT: Mary L. Lentz of Copley Properties, 617-578-1295/

(COP EGP)

CO: Copley Properties, Inc.; EastGroup Properties ST: Massachusetts IN: SU: TNM

LZ-SB -- NEF007 -- 1695 03/08/96 16:05 EST
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Publication:PR Newswire
Date:Mar 8, 1996
Words:314
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