First Union Real Estate Investments Announces Distribution of Imperial Parking Corporation.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 10, 2000

First Union Real Estate Investments (NYSE:FUR) announced that the Board of Trustees has approved the distribution of the shares of Imperial Parking Corporation, known as "Impark," to the shareholders of First Union.

One share of Impark common stock will be distributed for every 20 First Union common shares of beneficial interest held at the close of business on March 20, 2000. The Company expects the distribution to be made on March 27, 2000, subject to the SEC declaring the registration statement effective.

There is currently no public market for shares of Impark, although it is expected that a "when issued" trading market may develop prior to the time of the distribution. Impark has applied to have its common stock listed on the American Stock Exchange under the symbol, "IPK."

A copy of the registration statement as filed by Imperial Parking Corporation under Section 12 of the Securities Act of 1934, as amended, may be obtained through the World Wide Web at http://www.sec.gov.

Certain statements contained in this news release that are forward-looking are based on current expectations that are subject to a number of uncertainties and risks, and 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 Form 10 filed by Imperial Parking Corporation with the SEC.

First Union Real Estate Equity and Mortgage Investments is a NYSE-listed stapled-stock real estate investment trust (REIT) headquartered in New York, New York.