April 22, 2009 / 6:49 AM / 10 years ago

UPDATE 1-Cryo-Save in 4.3 mln eur sale, leaseback deal

* Signs sale and leaseback deal for Antwerp facility

* Has options to buy facility for 430,000 euros

* Says plans sale and leaseback of French facility (Adds details)

April 22 (Reuters) - Adult stem-cell storage company Cryo-Save Group NV CRYG.L on Wednesday said it signed a sale and leaseback agreement with ING Lease Belgium for laboratory and storage facility in Antwerp for 4.3 million euros ($5.6 million). The Netherlands-headquartered company said it has an option to repurchase the 4,500 square metre building after the fixed lease period of 15 years for 430,000 euros.

Cryo-Save said it also plans to sign a sale and leaseback agreement for its newly built laboratory and storage centre in Lyon, France during the summer.

“It is good financial management to sell and lease back our facilities once we have developed them to our high technical specifications. We intend to use the additional cash to support our rapid international growth,” Chief Executive Rob Koremans said in a statement.

ING Lease Belgium is fully owned by ING Belgium ING.AS, making it member of the ING group. ($1=.7717 Euro) (Reporting by Ramkumar in Bangalore; Editing by Tresa Sherin)

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