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First Union Sells Certain Properties to Radiant Investors, Shareholders to Vote

NEW YORK CITY-First Union is expected to call a fourth quarter special shareholders meeting so they may vote on the sale contract of certain properties to Radiant Investors.

By Amy Vaughn | Updated on September 14, 2000

NEW YORK CITY-First Union Real Estate Investments has executed a sale contract with Radiant Investors, LLC of Delaware for some of the properties of the company, as well as its subsidiaries. Radiant has agreed to pay about $200 million for the acquisition and is expected to pay an additional $5 million for a parking facility in a separate agreement.

In order to enable the sale, the shareholders of the company must vote to give their consent. A special fourth quarter 2000 is expected and proxy material will be sent to shareholders outlining the sale contract, seeking their support.

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