Optibase Ltd. Announces Sale Of Condominium Units In Miami Beach, FL, USA For $6.4M

Optibase Ltd.

(the “Company” or “Optibase”) today announced the entrance of the Company into a transaction to sell eleven (11) luxury condominium units located in the Flamingo-South Beach One Condominium in Miami Beach, Florida (the “Units”), to an unrelated third party (the “Purchaser”), in consideration for an aggregate price of approximately $6.4 million to be paid to the Company (the “Transaction”). For details regarding the Company's acquisition of the Units, see the Company's Proxy Statement as filed with the Securities and Exchange Commission on November 13, 2013. For further details on the Transaction, see the Company's report on Form 6-K as filed with the Securities and Exchange Commission on June 10, 2014. The Transaction is subject to a twenty (20) day inspection period during which the Purchaser has the right to terminate the purchase and sale agreement. The closing of the Transaction is expected to occur within ten (10) days following the completion of such inspection period.