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FIRST UNION REAL ESTATE CALLS 8-3/8 PERCENT SENIOR NOTES AND 10-1/4 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES

 CLEVELAND, Oct. 1 /PRNewswire/ -- The board of trustees of First Union Real Estate Investments (NYSE: FUR) has elected to call its outstanding 8-3/8 percent Senior Notes and 10-1/4 percent Convertible Subordinated Debentures for redemption on Nov. 1, 1993. The senior notes were issued in December 1986, with a maturity of December 1994. The senior notes will be redeemed at par, plus accrued interest from June 16, 1993, to Nov. 1, 1993, of $31.41. The convertible debentures were issued in September 1984 and were to mature July 2009.
 The debentureholders have the option of redeeming their debentures for cash or converting them into shares of beneficial interest at $21.33 per share. The closing price of the Trust's shares on Sept. 30, 1993, was $11-1/8. No fractional shares will be issued upon conversion, but an adjustment will be made in cash based upon the current market value of any fractional interest. The redemption price for each $1,000 debenture is $1,010.25, plus accrued interest from Aug. 1, 1993, to Nov. 1, 1993, of $25.62.
 The redemption agents are National City Bank, Corporate Trust Department, 5th Floor, Bond Unit, 1900 E. Ninth St., Cleveland, Ohio 44114, and Mellon Securities Trust Company, 120 Broadway, 33rd Floor, New York, N.Y. 10271. The conversion agent for the debentures is National City Bank. The right to convert the debentures into shares will expire at 5:00 p.m. EST on Nov. 1, 1993.
 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 33 properties in 17 states consisting of shopping malls, office buildings, apartment complexes and parking facilities.
 -0- 10/1/93
 /CONTACT: Thomas T. Kmiecik, treasurer of First Union Real Estate Investments, 216-781-4030/
 (FUR)


CO: First Union Real Estate Investments ST: Ohio IN: FIN SU:

KL-SM -- CL014 -- 7860 10/01/93 14:32 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
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