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FIRST UNION ANNOUNCES NEW BANK CREDIT AGREEMENT

 FIRST UNION ANNOUNCES NEW BANK CREDIT AGREEMENT
 CLEVELAND, Jan. 13 /PRNewswire/ -- First Union Real Estate


Investments (NYSE: FUR) announced today that it has renewed its $60 million revolving credit agreement with National City Bank.
 The new agreement is a two year loan with an "evergreen" provision renewing each year. The lender has the option, effective 1994, to convert the loan to a five-year term with 20 percent payable each year. Donald S. Schofield, chairman, president and chief executive officer, stated, "We have had a long-standing loan relationship with National City Bank and we are very pleased with the confidence they have shown in us by this latest renewal."
 First Union Real Estate Investments is a self-administered equity real estate investment trust specializing in acquiring and holding real estate for current yield and long-term appreciation. Its portfolio is made up of 29 properties in 17 states consisting of shopping malls, office buildings and apartment complexes.
 -0- 1/13/92
 /CONTACT:Thomas T. Kmiecik of First Union Real Estate, 216-781-4030/
 (FUR) CO: First Union Real Estate Investments ST: Ohio IN: FIN SU:


CG -- CL010 -- 9065 01/13/92 11:51 EST
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Publication:PR Newswire
Date:Jan 13, 1992
Words:189
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