SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
First Union Real Estate Equity and
Mortgage Investments
(Name of Issuer)
Series A Cumulative Convertible Redeemable
Preferred Shares of Beneficial Interest, par value $25
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(Title of Class of Security)
337 400 303
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(CUSIP Number)
W. Edward Scheetz
c/o Apollo Real Estate Advisors, L.P.
1301 Avenue of the Americas
New York, New York 10019
Telephone: (212) 261-4000
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
With a copy to:
Patrick J. Foye, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
919 Third Avenue
New York, NY 10022
Telephone: (212) 735-2274
January 30, 1997
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on
Schedule 13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this statement because of Rule 13d-1(b)(3) or
(4), check the following box: [ ]
Check the following box if a fee is being paid with the
statement: [ ]
SCHEDULE 13D
CUSIP NO. ________
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
APOLLO REAL ESTATE INVESTMENT FUND II, L.P.
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------------------
4 SOURCE OF FUNDS
AF
- ----------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) |_| or 2(e)
- ----------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ----------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF -------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 336,200
OWNED BY
EACH -------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
336,200
- ----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
336,200
- ----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.6%
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- ---------------------------------------------------------------------------
SCHEDULE 13D
CUSIP NO. __________
- --------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
APOLLO REAL ESTATE ADVISORS II, L.P.
- -------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X|
(b) |_|
- -------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC, OO
- -------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) |_| or 2(e)
- -------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 336,200
OWNED BY ----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ----------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
336,200
- -------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
336,200
- -------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- -------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.6%
- -------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- -------------------------------------------------------------------------
This Amendment No. 1 amends and supplements the following
Items of the Schedule 13D (the "Schedule 13D") of Apollo Real Estate
Investment Fund II, L.P. and Apollo Real Estate Advisors II, L.P. filed
on December 2, 1996 with the Securities and Exchange Commission with
respect to the Series A Cumulative Convertible Redeemable Preferred Shares
of Beneficial Interest, par value $25 per share (the "Preferred Shares"),
of First Union Real Estate Equity and Mortgage Investments, an Ohio
business trust ("First Union"). Unless otherwise indicated, all capitalized
terms used but not defined herein have the meanings set forth in the
Schedule 13D.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby restated in its entirety by the following:
In connection with the purchase of the Preferred Shares, the
Reporting Persons purchased an aggregate of 336,200 Preferred Shares for a
total amount of approximately $12,501,909 as of the date hereof. The
purchases were financed with cash on hand and borrowed funds pursuant to a
margin loan made in the ordinary course of business by a registered
broker-dealer.
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended by restating the following sections
in their entirety:
(a) As of the date hereof, the Reporting Persons beneficially
own an aggregate of 336,200 Preferred Shares which represents approximately
14.6% of the outstanding Preferred Shares of First Union.
(b) The Reporting Persons share the voting and dispositive
power with respect to the 336,200 Preferred Shares which they beneficially
own.
To the best of the Reporting Persons' knowledge, none of the
individuals listed on Schedule I owns any Preferred Shares or can vote or
direct the vote of any Preferred Shares, nor can any such individual
dispose or direct the disposition of any Preferred Shares.
(c) Except as set forth on Schedule II, no person named in
response to paragraph (a) of this Item has effected any transaction in the
Preferred Shares during the past sixty days.
SCHEDULE II
TRANSACTIONS IN THE SECURITIES
Set forth below are the transactions in the Preferred Shares
that were effected by AREIF II through its registered broker-dealer in New
York since the filing of the Schedule 13D.
Number of Preferred
Date Shares Price per Share
1/24/97 5,800 $42.8100
1/27/97 9,000 44.0000
1/28/97 700 44.3750
1/29/97 1,300 44.3750
1/30/97 100,000 44.1993
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: February 4, 1997
APOLLO REAL ESTATE INVESTMENT FUND II, L.P.
By: Apollo Real Estate Advisors II, L.P.
Managing Member
By: Apollo Real Estate Capital Advisors II, Inc.
General Partner
By: /s/ Michael D. Weiner
------------------------------
Name: Michael D. Weiner
Title: Vice President,
Apollo Real Estate Capital Advisors II, Inc.
APOLLO REAL ESTATE ADVISORS II, L.P.
By: Apollo Real Estate Capital Advisors II, Inc.
General Partner
By: /s/ Michael D. Weiner
-------------------------------
Name: Michael D. Weiner
Title: Vice President,
Apollo Real Estate Capital Advisors II, Inc.
