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."
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.
Amir Philips, CEO, Optibase Ltd.
Investor Relations Contact:
Marybeth Csaby, for Optibase
SOURCE Optibase Ltd.