Optibase Ltd. (NASDAQ: OBAS) announced the completion of the sale of its German commercial properties portfolio for €35 million (approximately $38.9 million). This transaction, finalized by its subsidiary Optibase Bavaria GmbH & Co. KG, involved twenty-seven properties primarily located in Bavaria. CEO Amir Philips expressed satisfaction with the sale, highlighting its role in improving liquidity and enhancing financial stability during challenging times. The company continues to seek further real estate investment opportunities across multiple regions.
Optibase Ltd. (NASDAQ: OBAS) reported stable revenues of $4.1 million for Q1 2020, consistent with the same quarter in 2019. The company achieved a net income of $117,000 or $0.02 per share, recovering from a net loss of $191,000 in Q1 2019. Cash and cash equivalents stood at $12.5 million, with shareholders' equity rising to $73.5 million. The company anticipates closing a significant retail portfolio transaction in Germany by the end of Q2 2020. CEO Amir Philips emphasized the challenges posed by COVID-19 but noted ongoing financial stability efforts.