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After Announcing Sale of Certain Properties, First Union Plans Dividend

NEW YORK CITY-After recently agreeing to sell certain properties for $200 million, First Union apprises stockholders of expected quarterly dividend.

By Amy Vaughn | Updated on September 18, 2000

NEW YORK CITY-On the heels of reports that First Union Real Estate Investments plans to sell certain properties to Radiant Investors LLC for $200 million, the company plans to prepare dividends payable Oct. 31, 2000.

The announcement comes as stockholders prepare to receive further information on a special vote on whether to approve the sale. While all of the stockholders as of the time of the vote are eligible to cast their ballots on the issue, the dividend will only be paid to Series A Cumulative Preferred Shares. The Board of Trustees has not announced a third quarter dividend for the company’s common shares.

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