SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON, D.C. 20549

                                  FORM 8-K/A

                                CURRENT REPORT

                      Pursuant to Section 13 or 15(d) of
                      the Securities Exchange Act of 1934


Date of Report (Date of Earliest Event Reported):      September 18, 1997


    NEW ENGLAND LIFE PENSION PROPERTIES; A REAL ESTATE LIMITED PARTNERSHIP
            (Exact Name of Registrant as Specified in its Charter)


                                 Massachusetts
                (State or Other Jurisdiction of Incorporation)


     0-11884                             04-2774875
(Commission File Number)      (IRS Employer Identification No.)


 225 Franklin Street, 25th Floor
          Boston, MA                            02110
(Address of principal executive offices)      (Zip Code)

                                (617) 261-9000
              Registrant's Telephone Number, Including Area Code
                                        

                                Not Applicable
         (Former Name or Former Address, if Changed Since Last Report)

 
This Current Report on Form 8-K/A amends the Current Report on Form 8-K filed by
the Registrant with the Securities and Exchange Commission on October 2, 1997.

Item 2.  Acquisition or Disposition of Assets.
- ----------------------------------------------

     New England Life Pension Properties; A Real Estate Limited Partnership (the
"Partnership"), owned a 25% interest in a shopping center located at 1975
Diamond Boulevard, Concord, California known as the Willows Shopping Center (the
"Property").  The remaining 75% was owned by New England Life Pension Properties
II; A Real Estate Limited Partnership, an affiliate of the Partnership
(collectively the "Partnerships").  On September 18, 1997, the Partnerships sold
their collective interest in the Property to an unrelated third party for total
gross proceeds of $28,575,000.  The terms of the sale were determined by arms-
length negotiation between the buyer and AEW Real Estate Advisors, Inc., on
behalf of the Partnerships. The Partnership received net proceeds of $7,012,630
and recognized a gain of $1,120,783.

Item 7.  Financial Statements and Exhibits.
- -------------------------------------------

     a.)  Financial statements of businesses acquired.

          Not Applicable.

     b.)  Pro Forma Financial Information.

     In connection with the disposition of the asset discussed in Item 2 above,
pro forma financial statements are presented below.  The pro forma balance sheet
is presented for the period ended June 30, 1997 (Exhibit A).  The pro forma
income statements are presented for the fiscal year ended December 31, 1996
(Exhibit B) and the period ended June 30, 1997 (Exhibit C).

                                   SIGNATURE


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned hereunto duly authorized.


Date:  November 26, 1997      NEW ENGLAND LIFE PENSION PROPERTIES;
                              A REAL ESTATE LIMITED PARTNERSHIP
                              (Registrant)


                              By:  Copley Properties Company, Inc.
                                   General Partner


                              By:  Wesley M. Gardiner, Jr.
                              --------------------------------
                                 Name:  Wesley M. Gardiner, Jr.
                                 Title: President


New England Life Pension Properties;                                   EXHIBIT A
A Real Estate Limited Partnership
Pro Forma Balance Sheet
June 30, 1997
Unaudited

 
 

                                                                                        Pro Forma               June 30, 1997
                                                            June 30, 1997               Adjustment                Pro Forma
                                                            -------------               ----------                ---------
                                                                                                         
ASSETS

Real estate investments:
       Ground leases and mortgage loans, net                       $4,761,213                        0              $4,761,213
       Property, net                                                5,473,773               (5,473,773)(a)                   0
       Deferred leasing costs and other assets, net                   283,645                 (283,645)(a)                   0
                                                          --------------------        -----------------        ----------------
                                                                   10,518,631               (5,757,418)              4,761,213

Cash and cash equivalents                                           2,138,751                6,585,846 (a)           8,724,597
Short-term investments                                                983,053                        0                 983,053
Interest, rent and other receivables                                    8,475                   (8,475)(a)                   0
                                                          --------------------        -----------------        ---------------- 
                                                                  $13,648,910                 $819,953             $14,468,863
                                                          ====================        =================        ================


LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                                                     $390,369                 (271,546)(a), (h)       $118,823
Deferred disposition fees                                             654,543                  214,312 (b)             868,855
                                                          --------------------        -----------------        ----------------

Total liabilities                                                   1,044,912                  (57,234)                987,678
                                                          --------------------        -----------------        ----------------

Partners' capital:
      Limited partners ($360.00 per unit;
        30,000 units authorized, issued and outstanding)           12,556,272                  868,415 (a)          13,424,687
      General partner                                                  47,726                    8,772 (a)              56,498
                                                          --------------------        -----------------        ----------------

Total partners' capital                                            12,603,998                  877,187              13,481,185
                                                          --------------------        -----------------        ----------------
                                                                  $13,648,910                 $819,953             $14,468,863
                                                          ====================        =================        ================
 

 
 

New England Life Pension Properties;                                                        EXHIBIT B
A Real Estate Limited Partnership
Pro Forma Income Statement
December 31, 1996
Unaudited

                                                                                            Pro Forma            December 31, 1996
                                                             December 31, 1996              Adjustment               Pro Forma
                                                             -----------------              ----------               ---------
                                                                                                         
Investment Activity

Property rentals                                                        $788,265                 (788,265)(c)                   $0
Property operating expenses                                             (343,067)                 343,067 (c)                    0
Depreciation and amortization                                           (234,316)                 234,316 (c)                    0
                                                           ----------------------        -----------------        -----------------
                                                                         210,882                 (210,882)                       0

Ground rentals and interest on mortgage loans                            800,210                        0                  800,210
Provision for impaired mortgage loans                                   (409,592)                       0                 (409,592)
                                                           ----------------------        -----------------        -----------------

     Total real estate operations                                        601,500                 (210,882)                 390,618

Gain on sale of property                                                       0                  947,623 (a), (i)         947,623
                                                           ----------------------        -----------------        -----------------

     Total real estate activity                                          601,500                  736,741                1,338,241

Interest on cash equivalents and short term investments                  123,999                        0                  123,999
                                                           ----------------------        -----------------        -----------------

     Total investment activity                                           725,499                  736,741                1,462,240


Portfolio Expenses

Management fee                                                            86,044                   (2,069)(f)               83,975
General and administrative                                                99,955                   (3,670)(g)               96,285
                                                           ----------------------        -----------------        -----------------
                                                                         185,999                   (5,739)                 180,260
                                                           ----------------------        -----------------        -----------------

Net income                                                              $539,500                 $742,480               $1,281,980
                                                           ======================        =================        =================

Net income per limited partnership unit                                   $17.80                   $24.50 (d)               $42.30
                                                           ======================        =================        =================

Number of limited partnership units
  outstanding during the period                                           30,000                   30,000                   30,000
                                                           ======================        =================        =================
 


New England Life Pension Properties;                                   
A Real Estate Limited Partnership
Pro Forma Income Statement
June 30, 1997
Unaudited
 
 

                                                                                             EXHIBIT C

                                                                                             Pro Forma            June 30, 1997
                                                               June 30, 1997                 Adjustment             Pro Forma
                                                               -------------                 ----------             ---------
                                                                                                          
Investment Activity

Property rentals                                                      $514,956                 (514,956)(e)                   $0
Property operating expenses                                           (138,412)                 138,412 (e)                    0
Depreciation and amortization                                         (126,036)                 126,036 (e)                    0
                                                           --------------------        -----------------        -----------------
                                                                       250,508                 (250,508)                       0

Gain on sale of property                                                     0                  947,623 (a), (i)         947,623
                                                           --------------------        -----------------        -----------------

     Total real estate activity                                        250,508                  697,115                  947,623

Interest on cash equivalents and short term investments                 70,675                        0                   70,675
                                                           --------------------        -----------------        -----------------
                                                                                       
     Total investment activity                                         321,183                  697,115                1,018,298


Portfolio Expenses

Management fee                                                               0                        0 (f)                    0
General and administrative                                              56,980                   (1,371)(g)               55,609
                                                           --------------------        -----------------        -----------------
                                                                        56,980                   (1,371)                  55,609
                                                           --------------------        -----------------        -----------------

Net income                                                            $264,203                 $698,486                 $962,689
                                                           ====================        =================        =================

Net income per limited partnership unit                                   $8.72                  $23.05(d)                $31.77
                                                           ====================        =================        =================

Number of limited partnership units
  outstanding during the period                                         30,000                   30,000                   30,000
                                                           ====================        =================        =================
 
Pro Forma Financial Statement Footnotes:

(a)  Disposition of asset as discussed in Item 2 herein and allocation of the
     gain on such disposal to the Partners.

(b)  Disposition fee incurred in connection with the disposition of the asset
     discussed in Item 2 herein.

(c)  Removal of 1996 operating activity related to the disposed asset discussed
     in Item 2 herein.

(d)  Calculation of net income per limited partnership unit after the removal of
     operating activity and addition of the gain related to the disposed asset
     discussed in Item 2 herein.

(e)  Removal of 1997 year-to-date operating activity related to the disposed
     asset discussed in Item 2 herein.

(f)  Removal of management fees based on distributions received during the pro
     forma period from the disposed asset discussed in Item 2 herein.

(g)  Removal of appraisal and legal fees incurred during the pro forma period
     for the disposed asset discussed in Item 2 herein.

(h)  Estimated legal fees still to be incurred by the Partnership related to the
     sale. Included in the calculation of the gain.

(i)  Gain on sale of investment is calculated using the net book value of the
     asset at June 30, 1997, the most recent interim date for which a balance
     sheet was required at the time of the original 8-K filing.