HERZLIYA, Israel, April 28, 2021 /PRNewswire/ -- Optibase
Ltd. (NASDAQ: OBAS), the Company or Optibase, is pleased to
announce that CROWN TWO PENN CENTER ASSOCIATES LIMITED PARTNERSHIP,
a Pennsylvania limited partnership
which is 22.16% indirectly owned by the Company recently refinanced
a commercial office building in Philadelphia, known as Two Penn Center Plaza
(the "Property").
Under the refinancing, the existing loan on the Property with an
outstanding principal balance of approximately $44 million, was replaced with a new loan with a
principal amount of $67.9 million. As
a result of the refinancing, CROWN TWO PENN CENTER ASSOCIATES
LIMITED PARTNERSHIP generated excess cash, of which our share
is approximately $5
million. Optibase was informed that CROWN TWO PENN
CENTER ASSOCIATES LIMITED PARTNERSHIP will make a distribution
of $2 million out of the said
$5 million in the upcoming weeks.
About Optibase
Optibase invests in the fixed-income real estate field and
currently holds interests in real estate properties in Switzerland, 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.
This press release contains forward-looking statements
concerning our marketing and operations plans. All statements
other than statements of historical fact are statements that could
be deemed forward-looking statements. All forward-looking
statements in this press release are made based on management's
current expectations which involve risks, uncertainties and other
factors that could cause results to differ materially from those
expressed in forward-looking statements. These statements involve a
number of risks and uncertainties including, but not limited to,
difficulties in finding suitable real-estate properties for
investment, availability of financing for the acquisition of
real-estate, difficulties in leasing of real-estate properties,
insolvency of tenants, difficulties in the disposition of
real-estate projects, risk relating to collaborative arrangements
with our partners relating to our real-estate properties, risks
relating to the full consummation of the transaction for the sale
of our video solutions business, general economic conditions and
other risk factors. For a more detailed discussion of these
and other risks that may cause actual results to differ from the
forward looking statements in this press release, please refer to
Optibase's most recent annual report on Form 20-F. The Company
does not undertake any obligation to update forward-looking
statements made herein.
Media Contacts:
Amir Philips, CEO, Optibase Ltd.
011-972-73-7073-700
info@optibase-holdings.com
Investor Relations Contact:
Marybeth Csaby, for Optibase
+1- 917-664-3055
Marybeth.Csaby@gmail.com
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SOURCE Optibase Ltd.