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Itasca, Ill.-based First Midwest Bank completes sale of properties to Oak Street Real Estate

Itasca,Ill.-based First MidwestBank completed the sale of 55 properties in to onSept. 27 for an aggregate cash purchase price of approximately $150 million.

The bankalso entered into triple-net lease agreements with certain Oak Streetaffiliates for each of the properties, which First Midwest operates as branches.

The leaseagreements have initial terms of 14 years; the bank may terminate certain leaseagreements at the end of the 11th year and also has five consecutive renewaloptions of five years each. The lease agreements also include a 1.5%annual rent escalation during the initial term and during the first and secondfive-year renewal periods. First Midwest Bancorp Inc. expects the investment ofproceeds and the gain from the transaction, net of associated occupancyexpenses, to be modestly accretive to its earnings over the initial term of thelease agreements.

An initialpre-tax gain of approximately $90 million is expected to be realized as aresult of the sale-leaseback deal, after expenses. Of that amount, $6 millionwill be realized upon deal closing, while the remaining $84 million will bedeferred and realized on a straight-line basis over the initial terms of thelease agreements.