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DCR Withdraws Rating for First Union Real Estate Investments
 
    NEW YORK, May 31 /PRNewswire/ -- Duff & Phelps Credit Rating Co. (DCR) has
withdrawn its 'B+' (Single-B-Plus) rating for First Union Real Estate
Investments (NYSE: FUR) outstanding $33.7 million convertible preferred stock.
The rating withdrawal reflects the expectation that FUR will continue to
pursue a plan of asset sales, and is therefore unlikely to raise additional
capital in the form of unsecured debt or preferred stock.  DCR's ratings
surveillance was initiated in 1993 when FUR issued $100 million of unsecured
senior notes.  Substantially all of this issue has since been repaid.
SOURCE Duff & Phelps Credit Rating Co.



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    CONTACT:
    Scott J. O'Shea of Duff & Phelps Credit
    Rating Co., 212-908-0500
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