First Union Real Estate Investments has announced the exercise of the underwriter's overallotment option of 825,000 shares as part of its recently completed common share offering.

The company now has 35.6 million common shares outstanding on a fully converted basis. It is unrelated to First Union Corp., the Charlotte, N.C., banking company.

First Union completed the offering of 5.5 million common shares at $12.50 per share on May 29. Prudential Securities Inc. acted as lead underwriter for the offering. Alex. Brown & Sons and Sutro & Co. were co- managers.

Founded in 1961, First Union Real Estate Investments is a real estate investment trust that has a unique "stapled stock" structure with its management company. The trust specializes in owning real estate which, when combined with the management-related business, maximizes intrinsic asset value and total return to shareholders.

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