HERZLIYA, Israel, March 15, 2022 /PRNewswire/ — Optibase Ltd. (NASDAQ: OBAS) (the “Company” or “Optibase”), announced today that between November 2021 and March 2022the Company sold three apartments and two penthouses to Miami, Florida for a total consideration of approximately US $8 million. The consideration reflects an average price per square foot of US $460 for apartments and an average price per square foot of US $990 for penthouses. Following the last sale of the penthouse held on March 9, 2022the Company has fully repaid the loan granted under a financing contract for co-ownership lots in Miami.
The Company expects to record a combined gain on the sale of operating properties in the Company’s financial statements for the fourth quarter of 2021 and the first quarter of 2022 as a result of these sales in the amount of approximately US $1.6 million.
Optibase invests in the field of fixed income real estate and currently holds interests in real estate in Switzerland, Texas, Philadelphia, Pennsylvania, Miami, Floridaand in Chicago, IL, USA and is currently seeking additional real estate investment opportunities. Optibase was previously active in 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 more information, please visit www.optibase-holdings.com.
This press release contains forward-looking statements regarding our marketing and operating plans. All statements other than statements of historical fact are statements that could be considered forward-looking statements. All forward-looking statements contained in this press release are based on management’s current expectations which involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements. These statements involve a number of risks and uncertainties, including, but not limited to, difficulties in finding suitable properties for investment, availability of financing for the acquisition of properties, difficulties rental of real estate, the insolvency of tenants, difficulties in carrying out real estate projects, risk linked to collaboration agreements with our partners relating to our real estate, risks linked to the full realization of the sale of our activity of video solutions, general economic conditions and other risk factors. For a more detailed discussion of these and other risks that could cause actual results to differ materially from the forward-looking statements contained in this press release, please see Optibase’s most recent Annual Report on Form 20- f. The Company assumes no obligation to update any forward-looking statements made herein.
Amir PhillipsCEO, Optibase Ltd.
Contact with Investor Relations:
Mariebeth Csabyfor Optimase