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
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(Name of Issuer)
Shares of Beneficial Interest
-----------------------------
(Title of Class of Security)
337 400 105
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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
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(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
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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 1,392,110
OWNED BY ------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON ------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
1,392,110
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,392,110
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES |_|
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
- -----------------------------------------------------------------------------
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
NUMBER OF 0
SHARES ---------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,392,110
EACH ---------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH ---------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,392,110
- -----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,392,110
- -----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES |_|
- -----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.2%
- -----------------------------------------------------------------------------
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
January 6, 1997 with the Securities and Exchange Commission with respect
to the Shares of Beneficial Interest (the "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 amended and restated in its entirety by the
following:
In connection with the purchase of the Shares, the Reporting
Persons beneficially own an aggregate of 1,392,110 Shares. The Shares
beneficially owned by the Reporting Persons were purchased at an aggregate
purchase price of approximately $14,969,822, consisting of 280,700 Shares
purchased at an aggregate purchase price of approximately $2,467,913 and
336,200 shares of First Union Series A Cumulative Convertible Redeemable
Preferred Shares of Beneficial Interest (the "Preferred Shares") purchased
at an aggregate purchase price of approximately $12,501,909. 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 1,392,110 Shares which represents
approximately 6.2% of the outstanding Shares of First Union. This amount
consists of 280,700 Shares and 336,200 Preferred Shares. Each Preferred
Share is immediately convertible into 3.3058 Shares.
(b) The Reporting Persons share the voting and dispositive
power with respect to the 1,392,110 Shares which they beneficially own.
To the best of the Reporting Persons' knowledge, none of the
individuals listed on Schedule I owns any Shares or can vote or direct the
vote of any Shares, nor can any such individual dispose or direct the
disposition of any 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
Shares during the past sixty days.
SCHEDULE II
TRANSACTIONS IN THE SECURITIES
Set forth below are the transactions in the Shares and the
Preferred Shares that were effected during the past sixty days by AREIF II
through its registered broker-dealer in New York.
Date Number of Shares Price per Share Series
---- ---------------- --------------- ------
12/27/96 45,000 $ 12.0000 Shares
12/30/96 1,000 11.8750 Shares
12/30/96 15,000 12.0000 Shares
12/31/96 15,000 12.0000 Shares
1/24/97 18,900 12.7690 Shares
1/24/97 5,800 42.8100 Preferred
1/27/97 9,000 44.0000 Preferred
1/28/97 700 44.3750 Preferred
1/29/97 1,300 44.3750 Preferred
1/30/97 30,000 13.3750 Shares
1/30/97 100,000 44.1993 Preferred
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.
