First Union Real Estate Equity & Mortgage Investments Hires Secured Capital.CLEVELAND--(BUSINESS WIRE)--Aug. 21, 1998--First Union Real Estate Equity and Mortgage Investments (NYSE NYSE See: New York Stock Exchange :FUR fur, hairy covering of an animal, especially the skins of animals that have thick, soft, close-growing hair next to the skin itself and coarser protective hair above it. ), a fully integrated real estate investment trust, has retained Secured Capital Corp. to assist the REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). in exploring the sale of its eight multifamily and five office properties. The multifamily properties contain 2,104 apartment units located in Georgia, Indiana, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. and Ohio while the office properties contain 1.7 million square feet located in California, Colorado, Indiana, Louisiana and Ohio, including the REIT's headquarters building in downtown Cleveland Downtown Cleveland is the central business district of the City of Cleveland and Northeast Ohio. Reinvestment in the area in the mid-1990s spurred a rebirth that continues to this day, with over $2 billion in capital projects slated to involve the downtown area over the next few , Ohio. "The multifamily and office properties include quality assets in many of the nation's strongest markets, offering excellent investment fundamentals with significant upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar for prospective purchasers", said Secured Capital's Senior Managing Director, Michael D. Cochran. First Union Real Estate Equity and Mortgage Investments is a NYSE listed stapled-stock real estate investment trust (REIT) headquarteredin Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. . Certain information contained in this news release is forward-looking and is based on current expectations that are subject to a number of uncertainties and risks. Actual results may differ materially. The uncertainties and risks include, but are not limited to, changes in market activity, changes in local real estate conditions and markets, actions by competitors, interest rate movements and general economic conditions. Further information about these matters can be found in the information included in the Annual Report filed by the company with the SEC on Form 10K.
CONTACT: First Union Real Estate Investments
AT THE COMPANY:
Steven M. Edelman, 216/781-4030
216/781-7467 fax
sedelman@firstunion-reit.com
or
FOR FURTHER INFORMATION, CONTACT:
Michael D. Cochran or Jonathan G. Geanakos
212/319-8600
212/319-7373 fax
mcochran@securedcapital.com
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