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CONTINENTAL MORTGAGE AND EQUITY TRUST ANNOUNCES PURCHASE OF OFFICE BUILDING

 CONTINENTAL MORTGAGE AND EQUITY TRUST ANNOUNCES
 PURCHASE OF OFFICE BUILDING
 DALLAS, Oct. 9 /PRNewswire/ -- Continental Mortgage and Equity Trust (NASDAQ: CMETS) today announced the purchase of The Genesee Towers Office Building in Flint, Michigan for $10.6 million. The trust purchased this building from Genesee Towers, Inc.
 Genesee Towers is a well-maintained high-rise office building in downtown Flint. This 24-year old "class A" property has 19 stories and 171,114 net rentable square feet with a 117,572-square-foot parking garage. The National Bank of Detroit is its major tenant and leases approximately 60 percent of the building. National Bank of Detroit has maintained its regional headquarters in Genesee Towers since 1966 and its current lease runs through 1998 with additional renewal options thereafter. The building is currently 88 percent leased. The seller has provided a low-interest seven-year $9.0 million purchase money mortgage.
 "The sales price of Genesee Towers and the financing we secured make this an attractive purchase for the trust," said a spokesperson for Continental Mortgage. "Based on current leases, the purchase meets the trust's need for high current return at relatively low risk with a possibility of substantial appreciation."
 Continental Mortgage is a combination mortgage and equity real estate investment trust which operates nationwide.
 -0- 10/9/92
 /CONTACT: Jean Krone Bono, investor relations, 214-692-4811, for Continental Mortgage and Equity Trust/
 (CMETS) CO: Continental Mortgage and Equity Trust ST: Texas IN: FIN SU:


SH -- NY007 -- 8222 10/09/92 09:08 EDT
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Publication:PR Newswire
Date:Oct 9, 1992
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