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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.

First Union reports that Radiant will assume responsibility for mortgages on particular properties. The total mortgage amount is approximately $125 million.

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