1

                                                                     Exhibit 99c


CONTACT: First Union Real Estate Investments
         Thomas T. Kmiecik, 216/781-4030

     June 26, 1998 -- First Union Real Estate Investments (NYSE:FUR) today
announced that the Trust has signed an amendment to its existing $125 million
revolving credit facility, and that Imperial Parking Limited, the parking
affiliate of First Union Management Inc., has signed an amendment to its $34
million (U.S.) credit facility. The amendments waive violations of certain
financial and change in control covenants. The Trust's change in control
covenant violations occurred on May 26, 1998 as a consequence of certain changes
in the composition of the Board of Trustees, which resulted from the conclusion
of a proxy contest. Imperial Parking's violations of bank covenants resulted
from the change in control and from losses at Imperial's VenTek manufacturing
subsidiary. The bank waivers enable First Union to write-off one-time,
non-recurring expenses without triggering an event of default. These expenses
will result in a loss of approximately $18.9 million for the second quarter,
approximately $17.5 million of which was incurred in conjunction with the recent
proxy contest. First Union Real Estate Investments is a real estate investment
trust (REIT) headquartered in Cleveland, Ohio, and traded on the New York Stock
Exchange.


                                      -4-