HERZLIYA, Israel, Oct. 20, 2020 /PRNewswire/ -- Optibase
Ltd. (NASDAQ: OBAS), or Optibase, today announced that its
subsidiary, Eldista GmbH (of which the Company owns 51%)
("Eldista"), the owner of an office building in Geneva, Switzerland, known as Centre des
Technologies Nouvelles ("CTN Complex") has reached an agreement
with its tenant in the CTN Complex, LEM INTERNATIONAL SA ("LEM"),
in a dispute between the parties. The parties agreed to cease all
current and future legal proceedings in connection with the
aforesaid dispute and that Eldista will compensate LEM its alleged
damages in a total amount of CHF
700,000 (approximately U.S. $766,000). For additional information regarding
the dispute, see Item 8.A. in the Company's 2019 annual report on
Form 20-F published on April 1,
Commenting on the settlement, CEO of Optibase, Amir Philips, said, "We are pleased to have
reached this agreement which will allow us to put this dispute
behind us and continue focusing on quality management of our
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.