Optibase Ltd. Announces Completion of the Sale of Its German Commercial Properties Portfolio

Rhea-AI Summary

Optibase Ltd. (NASDAQ: OBAS) announced the completion of the sale of its German commercial properties portfolio for €35 million (approximately $38.9 million). This transaction, finalized by its subsidiary Optibase Bavaria GmbH & Co. KG, involved twenty-seven properties primarily located in Bavaria. CEO Amir Philips expressed satisfaction with the sale, highlighting its role in improving liquidity and enhancing financial stability during challenging times. The company continues to seek further real estate investment opportunities across multiple regions.

Positive

• Completion of portfolio sale for €35 million, enhancing liquidity.
• Improved financial stability amid challenging market conditions.

Negative

• None.

HERZLIYA, Israel, July 9, 2020 /PRNewswire/ -- Optibase Ltd. (NASDAQ: OBAS), or Optibase, today announced that further to its announcement dated February 11, 2020, its wholly owned European subsidiary, Optibase Bavaria GmbH & Co. KG, has yesterday completed the sale of the Company's portfolio in Germany comprised of twenty-seven (27) separate commercial properties, located mostly in Bavaria, Germany, for a total consideration of EUR 35 million (app. $38.9).

Commenting on the transaction, CEO of Optibase, Amir Philips, said, "We are very pleased to complete this transaction. It allows Optibase to both achieve compelling returns and generate significant liquidity, which among other uses will help us enhance our financial stability in those challenging times and support our ongoing activities."

About Optibase

Optibase invests in the fixed-income real estate field and currently holds properties and beneficial interest in real-estate assets and projects in Switzerland, Germany, Texas, Philadelphia, PA, Miami, FL, and in Chicago, IL, USA and is currently looking for additional real estate investment opportunities. Optibase was previously engaged in the field of digital video technologies until the sale of its video solutions business to Optibase Technologies Ltd., a wholly owned subsidiary of VITEC Multimedia in July 2010. For further information, please visit www.optibase-holdings.com.

Media Contacts:
Amir Philips, CEO, Optibase Ltd.
+972-73-7073-700
info@optibase-holdings.com

Investor Relations Contact:
Marybeth Csaby, for Optibase
+1-917-664-3055 
Marybeth.Csaby@gmail.com

View original content:http://www.prnewswire.com/news-releases/optibase-ltd-announces-completion-of-the-sale-of-its-german-commercial-properties-portfolio-301091034.html

SOURCE Optibase Ltd.

FAQ

What was the sale price for Optibase's German properties portfolio?

The portfolio was sold for €35 million (approximately $38.9 million).

How many properties were included in the Optibase sale?

The sale included twenty-seven separate commercial properties.

When was the sale of the German properties completed?

The sale was completed on July 8, 2020.

What is the significance of the property sale for Optibase (OBAS)?

The sale enhances liquidity and financial stability for Optibase during challenging times.