Optibase Ltd. Announces Financing of Office Building in Chicago, Illinois

Date : 11/28/2017 @ 3:00PM
Source : PR Newswire (US)
Stock : Optibase Ltd. - Ordinary Shares (OBAS)
Quote : 10.5  0.0 (0.00%) @ 1:00AM

Optibase Ltd. Announces Financing of Office Building in Chicago, Illinois

Optibase Ltd. - Ordinary Shares (NASDAQ:OBAS)
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HERZLIYA, Israel, November 28, 2017 /PRNewswire/ --

Optibase Ltd. (NASDAQ: OBAS), Optibase Ltd. (Optibase), is pleased to announce that Shinhan Bank, a Korean Bank (Lender), recently extended a $175 million, 5-year fixed-rate loan (the Loan) to South Riverside Building LLC (Borrower), an affiliate which is thirty percent (30%) owned by an Optibase indirect subsidiary.

The Loan is secured by 300 South Riverside Plaza, a newly renovated, 22-story LEED Gold Certified office tower located in the West Loop of Chicago, IL, USA (the "Property"), which is owned by Borrower and controlled by Third Millennium Group.

As a result of the Loan, Optibase received a repayment of its senior notes to Borrower's parent company, 300 River Holdings LLC, in the amount of $3 million plus accrued interest.

About Optibase Ltd. 
Optibase invests in the fixed-income real estate field and currently holds direct or indirect ownership interests in properties in Switzerland, Germany and the United States (Miami, Texas, Chicago and Philadelphia) 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 http://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. Optibase does not undertake any obligation to update forward-looking statements made herein.  

Media Contacts:  

Amir Philips
CEO, Optibase Ltd.

Investor Relations Contact:  

Marybeth Csaby
Optibase Ltd.

SOURCE Optibase Ltd.

Copyright 2017 PR Newswire

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