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FIRST UNION ANNOUNCES OFFICER CHANGES

 FIRST UNION ANNOUNCES OFFICER CHANGES
 CLEVELAND, June 3 /PRNewswire/ -- First Union Real Estate


Investments (NYSE: FUR) announced today the election, effective July 1, 1992, of Denny Alberts to the position of president and chief operating officer. Alberts has 19 years experience in real estate and banking. He was most recently chairman and chief executive officer of Madison Investments, Inc., of Dallas, and prior to that, chairman and chief executive officer of Rosewood Property Company, and president and managing partner of Trammell Crow Residential Companies, also of Dallas.
 Donald S. Schofield, currently chairman, president, and chief executive officer of the Trust, will remain as chairman and chief executive officer.
 The Trust also announced, effective July 1, 1992, the promotions off Steven M. Edelman to the position of senior vice president - asset management, and John J. Dee to the position of senior vice president - controller. Edelman was previously vice president in charge of acquisitions at the Trust, a position he held since January 1985. Dee was previously vice president - controller in charge of the accounting department of the Trust, a position he held since January 1986.
 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 34 properties in 17 states, consisting of shopping malls, office buildings, and apartment complexes.
 -0- 6/3/92
 /CONTACT: Thomas T. Kmiecik of First Union, 216-781-4030/
 (FRE) CO: First Union Real Estate Investments ST: Ohio IN: FIN SU: PER


CG -- CL008 -- 6333 06/03/92 12:35 EDT
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Date:Jun 3, 1992
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