REIT Reports Proposal by Corporex

First Union Real Estate Equity and Mortgage Investments, a real estate investment trust based in New York, has reported the receipt of an unsolicited proposal from Corporex Cos. for a possible strategic transaction with First Union.First Union said it has had "limited discussions" with Corporex and with third parties on various strategic proposals, which are being considered by First Union's board. In a public filing in July, Corporex reported beneficial ownership of more than 5% of First Union's common stock, First Union said. An earlier proposal from Corporex was received in February, but First Union said it had declined to negotiate with Corporex at that time.