SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                                  _____________

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

       Date of Report (Date of earliest event reported) December 22, 2000.

                      Wilshire Real Estate Investment Inc.
               (Exact Name of Registrant as Specified in Charter)


        Maryland                   0-23911                   52-2081138
(State or Other Jurisdiction    (Commission                 (IRS Employer
     of Incorporation)          File Number)               Identification No.)

                   1631 SW Columbia Street, Portland, OR 97201
               (Address of principal executive offices) (Zip Code)

        Registrant's telephone number, including area code (503) 721-6500



Item 5.  Other Events.

         Wilshire Real Estate Investment Inc. (the "Company") owns all of the
issued  and  outstanding  share  capital  of  BEP  Islands  Limited,  a  company
incorporated  in Jersey,  Channel  Islands.  BEP Islands  Limited  holds 2,647 A
shares (or approximately  26.47% of the issued and outstanding share capital) of
BEP Property Holdings Limited, a company incorporated in Jersey, Channel Islands
("BEP Property"),  which owns all of the issued and outstanding share capital of
BEP  Acquisitions  Limited,  a company  incorporated in Jersey,  Channel Islands
("BEP Acquisitions").

         On December 22, 2000, the boards of directors of BEP Acquisitions and
Bourne End  Properties  Plc, a company  registered in England and Wales ("Bourne
End")  announced  that they had agreed to the terms of an offer (the "Offer") by
BEP Acquisitions  for all of the issued and outstanding  capital stock of Bourne
End. On January 5, 2001, BEP  Acquisitions  commenced the Offer. The Offer is 69
pence in cash for each Bourne End share and values Bourne End's  existing  share
capital of 60,899,334 Bourne End shares at approximately L42 million.  The Offer
expires  at 3:00  p.m.  on  January  26,  2001.  The Offer is  subject  to valid
acceptances  being  received (and not withdrawn) in respect of not less than 90%
of the Bourne End shares and other customary conditions.

         The Board of Directors of Bourne End has unanimously recommended that
the  shareholders of Bourne End accept the Offer.  BEP Acquisitions has received
irrevocable undertakings to accept the Offer in respect of 25,537,563 Bourne End
shares,   representing   approximately  41.9%  of  the  outstanding  shares.  In
addition,  BEP Acquisition has received a non-binding letter of intent from an
institutional  fund manager to accept the Offer in respect of  7,905,000  Bourne
End  shares,  representing  approximately  12.9% of the  outstanding  Bourne End
shares.

         Bourne End has agreed to pay BEP Acquisitions an inducement fee of
L414,000 if the Offer lapses or is withdrawn  following  the  announcement  of a
competing  cash offer by a third  party at not less than 10% more than the price
of the Offer.

         Bourne End is a specialist investor in retail property, currently
owning nine town shopping centers in England and Scotland.  The shopping centers
range in size from 80,000 sq. ft. to approximately 340,000 sq. ft.

         BEP Acquisitions was incorporated in Jersey for the purposes of making
the Offer. BEP Acquisitions' share capital is wholly owned by BEP Property.  The
shareholders  in BEP  Property  are as  follows:  BEP Islands  Limited  (2,647 A
shares),  Merrill Lynch (Jersey)  Holdings Limited (7,059 B shares) and Greenbau
Estuary Limited (294 C shares).

         Merrill Lynch (Jersey) Holdings Limited is a subsidiary of Merrill
Lynch & Co., Inc. ("Merrill Lynch"). Merrill Lynch is one of the world's leading
financial  management  and advisory  companies with offices in over 40 countries
and total  client  assets of  approximately  USD1.7  trillion.  The real  estate
activities of Merrill Lynch in Europe include senior,  mezzanine and securitized
financing,  principal real estate  investment,  as well as a dedicated  advisory
practice.



         Greenbau Estuary Limited was incorporated in Jersey for purposes of
making an  investment  in BEP  Property  and is owned by Peter  Kasch and Julian
Newiss  who  are  employees  of  The  Greenwich   International  (U.K.)  Limited
Partnership,  an English limited  partnership  ("Greenwich  U.K.").  The general
partner of  Greenwich  U.K. is  Greenwich  Group  International  LLC, a New York
limited  liability  company  (collectively  with Greenwich  U.K., the "Greenwich
Group").  Greenwich Group is an  international  real estate  investment  banking
organization  based in New York, with offices in Boston,  Washington,  D.C., Los
Angeles,  London,  Frankfurt  and  Singapore.  Since  its  founding  in  1995,
Greenwich  Group has purchased,  in partnership  with various  investment  funds
approximately L500 million in real estate within the United Kingdom.






                                   SIGNATURES


         Pursuant to the requirements of the Securities Exchange Act of 1934,
Wilshire Real Estate Investment Inc. has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.

Date:  January 12, 2001

                                           WILSHIRE REAL ESTATE
                                              INVESTMENT INC.


                                           By: /s/ Lawrence A. Mendelsohn
                                                 Lawrence A. Mendelsohn
                                                  President


                                           By: /s/ Chris Tassos
                                                 Chris Tassos
                                              Executive Vice President and Chief
                                                             Financial Officer