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First Union Sells $91M in Shares

BOSTON-The locally based REIT expects to raise $91 million through the private offering of 3.6 million shares. The company also settles a claim with the State of California.

By Barbara Jarvie | Updated on February 28, 2005

BOSTON-First Union Real Estate Equity and Mortgage Investments, a REIT based here, agreed to sell approximately 3.6 million shares of its newly designated B-1 Cumulative Convertible Redeemable Preference Shares through a private offering. The company expected to raise approximately $91 million through the sale to a small group of institutional investors.

First Union also entered into a settlement agreement with the State of California in regard to the Peachtree Mall, a former First Union asset. The REIT will be paid $11 million in exchange for the termination of its claims against the state. That settlement is subject to final court approval and legislative funding.

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