First Union Real Estate Investments Hires Granite Partners to Evaluate the Sale of its 22-Property Retail Portfolio.CLEVELAND--(BUSINESS WIRE)--Aug. 12, 1998--First Union Real Estate Investments (NYSE NYSE See: New York Stock Exchange :FUR) today announced that it has retained Granite granite, coarse-grained igneous rock of even texture and light color, composed chiefly of quartz and feldspars. It usually contains small quantities of mica or hornblende, and minor accessory minerals may be present. Partners, Inc., a full-service real estate investment banking firm, to evaluate the disposition of First Union's retail assets. Granite's Executive Managing Director, John D. Lyons, said, "Based on the excellent locations, occupancy rates Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) and 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 of the properties in the portfolio, we are convinced of their overall long-term value and future performance." Granite's Senior Managing Director, Richard H. Rudd, added, "We believe any offering of First Union's retail portfolio will generate tremendous interest from a variety of qualified capital sources." The use of proceeds from any sales of assets will be used to reduce company debt and will be retained for future investment opportunities. First Union Real Estate Investments is a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) headquartered in 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. , and traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . 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
Thomas T. Kmiecik, 216/781-4030
216/781-7467 fax
tkmiecik@firstunion-reit.com
or
Granite Partners, Inc.
Richard Rudd or Jim Savage, 713/479-5000
713/479-5010 fax
rrudd@granitepartner.com
jsavage@granitepartner.com
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