deCODE Web Site - June 12, 2007
deCODE genetics (Nasdaq:DCGN) today announced that it has completed a sale and leaseback of its Woodridge, Illinois medicinal chemistry facility. The company sold the facility for $25 million and has entered into a lease with an initial term of 17 years. After costs associated with the outstanding mortgage on the facility, taxes and expenses, deCODE netted $18.4 million, resources the company can now apply to its drug and diagnostic development programs.
(deCODEs 8-K filing of June 12 states that the initial rent under the absolute net lease was $163,083.33 per month (7.83% cap rate) subject to annual rent increases of 2.5%, and two 5 year renewal options with rent at the then prevailing market rate.)
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