FORM 3 OMB APPROVAL
OMB Number 3235-0104
Expires: September 30, 1998
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the
Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f)
of the Investment Company Act of 1940
(Print or Type Responses)
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<S> <C>
1. Name and Address of Reporting Person* 2. Date of Event 4. Issuer Name and Ticker or Trading Symbol
Prometheus Southeast Retail Trust Requiring Statement
("Trust") (Month/Day/Year) Konover Property Trust, Inc. (NYSE:KPT)
LFSRI II Alternative Partnership L.P. 08/10/98 (formerly FAC Realty Trust, Inc. (NYSE:FAC))
("Alternative")
LFSRI II-CADIM Alternative Partnership L.P.
("CADIM")
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<S> <C>
(Last) (First) (Middle) 3. I.R.S. 5. Relationship of Reporting Person(s) to Issuer
Identification (Check all applicable)
c/o LF Strategic Realty Investors II L.P. Number of Reporting
Lazard Freres Person, if an entity ______ Director _______ 10% Owner
Thirty Rockefeller Plaza, 63rd Floor (voluntary) ______ Officer ___X __ Other
New York, New York 10020
- ------------------------------------- (give title below) (specify below)
(City) (State) (Zip)
______See (1) below.________
Table I -- Non-Derivative Securities Beneficially Owned
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6. If Amendment, Date of Original
(Month/Day/Year)
7. Individual or Joint/Group Filing
(Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
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1. Title of Security 2. Amount of Securities 3. Ownership 4. Nature of Indirect Beneficial Ownership
(Instr. 4) Beneficially Owned Form: (Instr. 5)
Direct (D) or
(Instr. 4) Indirect (I)
(Instr. 5)
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Common Stock 10,526,316 D and I See (1) and (2) below.
See (1) and
(2) below.
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
*If the Form is filed by more than one Reporting Person, see Instruction 5(b)(v)
Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a
currently valid OMB control number.
(Over)
SEC 1473 (7/97)
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FORM 3 (continued) Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible
securities)
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1.Title of Derivative Security 2.Date Exercisable and 3.Title and Amount of Securities 4.Conversion or
(Instr. 4) Expiration Date Underlying Derivative Security Exercise Price of
(Month/Day/Year) (Instr. 4) Derivative Security
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Date Expiration Amount or
Exercisable Date Title Number of
Shares
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See (3) See (3) 10,526,316
Common Stock below. below. Common Stock See (3) below. $9.50/sh = $100,000,002
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5. Ownership Form of 6. Nature of
Derivative Security: Indirect
Direct (D) or Indirect (I) Beneficial
(Instr. 5) Ownership
(Instr. 5)
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D and I See (1) below.
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Explanation of Responses:
(1) Trust is the direct owner of the interest in the Issuer and Trust is
solely-owned by Prometheus Southeast Retail LLC ("Prometheus"). Prometheus has
three managing members: LF Strategic Realty Investors II L.P. ("LFSRI II") is a
86.1592% managing member, Alternative is a 10.3806% managing member and CADIM is
a 3.4602% managing member. As a consequence of the foregoing,Prometheus, LFSRI
II, Alternative and CADIM each had an indirect interest in the Issuer.
(2) Prior to the approval of the holders of the requisite number of shares of
outstanding Common Stock of the Issuer (the "Approval"), Trust, through
Prometheus, acquired 2,350,000 shares of Issuer. As a consequence of the
Approval, Trust is required, upon satisfaction of certain closing conditions, to
purchase an additional 8,176,316 shares of Common Stock from the Issuer (the
"Second Closing") and, upon such consummation will directly beneficially own
10,526,316 shares of Common Stock.
(3) Following the Second Closing, the Issuer shall be obligated to sell to Trust
at one or more subsequent closings (the "Subsequent Purchases") an aggregate of
10,526,316 shares of Common Stock. Subject to certain exceptions, the Issuer
shall require Trust to make all of the Subsequent Purchases on or before the
eighteenth month anniversary of the Second Closing.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a)
/s/ Murry N. Gunty 8/18/98
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**Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, See Instruction 6 for procedure.
Murry N. Gunty
Principal,
Lazard Freres Real Estate Investors L.L.C.,
as general partner of LFSRI II Alternative Partnership L.P. and
LFSRI II-CADIM Alternative Partnership L.P.,
as two managing members of Prometheus Southeast Retail L.L.C.,
as sole member of Prometheus Southeast Retail Trust
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
Page 2
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FORM 3 (attachment)
Reporting Persons: Prometheus Southeast Retail Trust, LFSRI II Alternative
Partnership L.P., LFSRI II-CADIM Alternative Partnership L.P.
Issuer Name: Konover Property Trust, Inc. (NYSE:KPT) (formerly FAC Realty
Trust, Inc. (NYSE:FAC))
Date of Event Requiring Statement: August 10, 1998
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<CAPTION>
All Reporting Persons:
<S> <C>
Name and Address of Reporting Persons Date of Event Requiring Statement Issuer Name and Ticker
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Prometheus Southeast Retail Trust 8/10/98 Konover Property Trust, Inc.
c/o LF Strategic Realty Investors II L.P. (NYSE: KPT) (formerly known
Lazard Freres as FAC Realty Trust, Inc.
Thirty Rockefeller Plaza, 63rd Floor (NYSE: FAC))
New York, New York 10020
LFSRI II Alternative Partnership L.P. 8/10/98 Konover Property Trust, Inc.
Lazard Freres (NYSE: KPT) (formerly known
Thirty Rockefeller Plaza, 63rd Floor as FAC Realty Trust, Inc.
New York, New York 10020 (NYSE: FAC))
LFSRI II-CADIM Alternative Partnership L.P. 8/10/98 Konover Property Trust, Inc.
Lazard Freres (NYSE: KPT) (formerly known
Thirty Rockefeller Plaza, 63rd Floor as FAC Realty Trust, Inc.
New York, New York 10020 (NYSE: FAC))
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