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                                                                    EXHIBIT 99.4

FIRST UNION REAL ESTATE INVESTMENTS

AT THE COMPANY
Brenda J. Mixson
Chief Financial Officer
(212) 905-1104

FOR IMMEDIATE RELEASE

                  FIRST UNION REAL ESTATE INVESTMENTS ANNOUNCES
          REFINANCING OF PARK PLAZA MALL AND SALE OF CROSSROADS CENTER

NEW YORK, NEW YORK, APRIL 27, 2000 - FIRST UNION REAL ESTATE INVESTMENTS
(NYSE:FUR) announced today that the Company has completed the refinancing of its
Park Plaza Mall in Little Rock, Arkansas. A $42.0 million mortgage loan was
obtained on the property from First Union National Bank. (First Union National
Bank is not affiliated with First Union Real Estate Investments.) The loan is
non-recourse, has a 10-year term and a fixed interest rate of 8.69% payable on a
30-year amortization schedule.

The Company also announced that General Growth Properties, Inc., a publicly
traded real estate investment trust headquartered in Chicago, Illinois,
exercised its option to purchase the Crossroads Center in St. Cloud, Minnesota.
In October 1999, General Growth made a loan to the Company of approximately
$30.0 million secured by a second mortgage and received, as part of the
consideration for the loan, an option to buy the property. The closing of the
sale occurred on April 26, 2000. The Company received aggregate consideration of
$80.3 million, of which approximately $78.3 million was applied against the
General Growth loan and the assumption of the first mortgage debt on the mall.

The gain for financial reporting purposes on the sale of Crossroads Center is
approximately $58.0 million, less an extraordinary loss on extinguishment of
debt of approximately $2.4 million, and approximately $53.0 million for tax
reporting purposes. The required distribution of this gain for REIT tax purposes
has already been partially satisfied through the spin-off of Imperial Parking
Corporation ("Impark"). In a taxable distribution of approximately $41.1 million
to First Union shareholders, the Company distributed one share of Impark common
stock for every 20 common shares of First Union. The quarterly dividends,
aggregating approximately $7.3 million, to be paid on April 28, 2000 to the
holders of the common and preferred shares of First Union, are also expected to
satisfy part of the capital gain distribution requirements. The treatment of
dividends paid during 2000 for tax purposes is subject to final determination
after the Company completes its year-end and reviews all transactions.

Certain statements contained in this news release that are forward-looking are
based on current expectations that are subject to a number of uncertainties and
risks, and actual results may differ materially. The uncertainties and risks
include, but are not limited to, changes in market activity, changes in local
real estate conditions and markets, actions by competitors, interest rate
movements and general economic conditions. Further information about these
matters can be found in the information included in the Annual Report filed by
the Company with the SEC on Form 10-K.

First Union Real Estate Equity and Mortgage Investments is a NYSE-listed
stapled-stock real estate investment trust (REIT) headquartered in New York, New
York.