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First Union Real Estate Investments Announces Sale of Retail Center.

CLEVELAND--(BUSINESS WIRE)--July 2, 1999--

First Union Real Estate Investments (NYSE:FUR) today announced that the Trust has completed the previously announced sale of its Mountaineer Mall in Morgantown, West Virginia to GP Properties, Inc. for $11,000,000.

GP Properties, Inc., an affiliate of Jager Management Co., is a Philadelphia based real estate investment company.

The net proceeds of the sale in excess of the first mortgage will be used to repay certain obligations of the Trust including its short-term debt. Upon the closing of this transaction, the Trust will have an $8.0 million letter of credit outstanding under its bank credit facility and approximately $6.0 million outstanding under its bridge loan.

First Union Real Estate Equity and Mortgage Investments is a NYSE listed stapled-stock real estate investment trust (REIT) headquartered in Cleveland, Ohio.
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Publication:Business Wire
Date:Jul 2, 1999
Words:138
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