SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 7)
First Union Real Estate Equity and
Mortgage Investments
(Name of Issuer)
Shares of Beneficial Interest
-----------------------------
(Title of Class of Security)
337 400 105
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(CUSIP Number)
William A. Scully
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:
Randall H. Doud, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
919 Third Avenue
New York, NY 10022
Telephone: (212) 735-2524
October 8, 1998
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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: [ ]
SCHEDULE 13D
CUSIP No. 337 400 105
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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) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,135,987
REPORTING ------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
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10 SHARED DISPOSITIVE POWER
2,135,987
- ----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,135,987
- ----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
- ----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.6%
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14 TYPE OF REPORTING PERSON
PN
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SCHEDULE 13D
CUSIP No. 337 400 105
- -----------------------------------------------------------------------------
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
- ----------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY ------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 2,135,987
REPORTING ------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,135,987
- ----------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,135,987
- ----------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
- ----------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.6%
- ----------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- ----------------------------------------------------------------------------
This Amendment No. 7 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. originally 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 4 is hereby amended by adding the following:
Item 4 Purpose of the Transaction.
On October 8, 1998, the Board appointed William A. Scully to
the Board. Mr. Scully is an officer of Capital Advisors II and a limited
partner of AREA II and Apollo Real Estate Management II, L.P. ("AREMII").
AREMII is the day-to-day manager of AREIF II.
Item 5 is hereby amended by adding the following:
Item 5 Interest in Securities of the Issuer.
To the best of the Reporting Persons' knowledge, Mr. Scully (a)
has not engaged in any transactions in the Shares in the last sixty days,
(b) does not own any Shares or can vote or direct the vote of any Shares,
and (c) cannot dispose or direct the disposition of any Shares. Mr. Scully
disclaims beneficial ownership of all securities held by the Reporting
Persons.
Item 6 is hereby amended by adding the following:
Item 6 Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
The Reporting Persons have engaged and expect to engage from
time to time in the ordinary course of business in transactions involving
derivative instruments and "swap" contracts respecting the Issuer's
securities resulting in various "notional" pecuniary interests in such
securities. Such arrangements do not relate to the securities beneficially
owned by the Reporting Persons and do not affect the Reporting Persons'
investment, voting or dispositive power over such securities. Likewise,
such arrangements do not give the Reporting Persons investment, voting or
dispositive power over, or any right to acquire, additional securities of
the Issuer, which are held, if at all, by the writer(s) of such
instruments. In addition, the Reporting Persons have maintained various
credit facilities and arrangements, including customary margin
arrangements, with banks and other financial institutions in the ordinary
course of business and in connection therewith have provided to the lenders
as collateral thereunder, the Shares, among other securities, investments
and properties. The Reporting Persons do not believe that such arrangements
materially affect the Reporting Persons' beneficial ownership or investment
intent respecting the Issuer.
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: October 29, 1998
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
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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
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Name: Michael D. Weiner
Title: Vice President,
Apollo Real Estate Capital Advisors II, Inc.
