First Union Real Estate Equity and Mortgage Investments said Thursday that it had filed a registration statement with the Securities and Exchange Commission for a proposed rights offering of 31.4 million shares.

If all of the rights are exercised, the cash proceeds to First Union Real Estate would be approximately $157 million. A record date for the distribution of the rights has not been set.

First Union Real Estate is an affiliate of First Union Corp., Charlotte, N.C.

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