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                                                                  Exhibit (20b)

CONTACT:  THOMAS T. KMIECIK
          VICE PRESIDENT, FIRST UNION REAL ESTATE INVESTMENTS
          (216) 781-4030

CONTACT:  RICHARD M. OSBORNE
          (216) 951-1111

FOR IMMEDIATE RELEASE

                     FIRST UNION AND OSBORNE SETTLE DISPUTES

CLEVELAND, OHIO, DECEMBER 14, 1995 -- FIRST UNION REAL ESTATE INVESTMENTS
(NYSE:FUR), First Union Real Estate Investments and Richard M. Osborne and
Turkey Vulture Fund XIII, Ltd. today announced that they have entered into an
agreement settling all claims between them and providing for the dismissal of
the parties' pending litigation.

The settlement agreement provides for First Union's purchase from Mr. Osborne
and the Fund of 950,000 shares of beneficial interest of First Union at the
average 1995 trading price through December 8 of $7.50 per share. Under the
Agreement, Mr. Osborne and the Fund have also agreed not to acquire additional
shares of First Union and, in the future, to vote their remaining shares as
recommended by First Union management.

Mr. Osborne stated, "I have met with First Union's management and I agree with
their philosophy and the direction of First Union's Strategic Plan." James C.
Mastandrea, Chairman and Chief Executive Officer of First Union, stated, "We are
pleased to put this litigation behind us and to focus 100% of our energies and
resources on repositioning our company and enhancing and creating value for our
shareholders."

First Union and Mr. Osborne also announced that Mr. Osborne may, subject to
normal contingencies, purchase on market terms certain office property owned by
First Union. Details will be provided if a transaction is finalized.

First Union Real Estate Investments (NYSE:FUR) is an equity real estate
investment trust (REIT) specializing in retail and apartment properties with
ownership interests in commercial office buildings.

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