Form 6-K OPTIBASE LTD For: Jun 02
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E-mailFORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
Date of Report: June 2, 2015
Commission File No.: 000-29992
OPTIBASE LTD.
(Translation of registrant’s name into English)
10 Hasadnaot Street
Herzliya 4672837, Israel
+972-73-7073700
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F S Form 40-F £
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes £ No S
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________
Attached hereto and incorporated by way of reference herein is a press release issued by the Registrant and entitled “Optibase Ltd. announces the closing of the acquisition of German supermarket portfolio”.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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OPTIBASE LTD.
(the “Registrant”)
By: /s/ Amir Philips
——————————————
Amir Philips
Chief Executive Officer
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Date: June 2, 2015
Media Contacts:
Amir Philips, CEO, Optibase Ltd.
011-972-73-7073-700
Investor Relations Contact:
Marybeth Csaby, for Optibase
+1- 917-664-3055
OPTIBASE LTD. ANNOUNCES THE CLOSING OF THE
ACQUISITION OF GERMAN SUPERMARKET
PORTFOLIO
HERZLIYA, Israel, June 2, 2015 – Optibase Ltd. (NASDAQ: OBAS) (the “Company” or “Optibase”) today announced that its wholly owned German subsidiary, Optibase Bavaria GmbH & Co. KG, a German partnership (the "Purchaser"), completed the acquisition of twenty-five (25) supermarkets in Bavaria, Germany (the "Properties") from an unrelated third party. The purchase price paid by the Purchaser was EUR 24,000,000.
The Purchaser financed a portion of the purchase price of the Properties with a loan from Deutsche Genossenschafts-Hypothekenbank Aktiengesellschaft ("DG HYP") in the principal amount of EUR 15,250,000 for a term of approximately five (5) years.
Pursuant to the terms of the Purchase Agreement with the seller of the Properties, the Purchaser has contracted to acquire two remaining supermarkets for an additional purchase price of EUR 5,750,000. The acquisition of the two properties is subject to the fulfillment of certain closing conditions and will also be partially financed by DG HYP with similar terms.
Amir Philips, CEO of Optibase commented "We are very excited to have closed this acquisition and begin benefiting from our first steps into the German real estate market. The said acquisition is well spread across various locations in Bavaria which is considered to be the strongest economical region in Germany. We expect this acquisition will be reflected in our financial statements starting the second quarter. As indicated in our first quarter results as released on May 19th, also our second quarter results will be affected by significant acquisition related costs incurred in the acquisition process and expensed in full during the second quarter”. Mr. Philips concluded “The German real estate market is considered to be the largest real estate market in Western Europe and we will continue looking for additional opportunities in this market".
For further financial details and accounting implications of the Transaction on the Company’s financial statements, see the Company’s report on Form 6-K as filed with the Securities and Exchange Commission on June 2, 2015.
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About Optibase
Optibase invests in the fixed-income real estate field and currently holds properties in Switzerland and in Miami, Texas and Philadelphia, 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 (“Vitec”) 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.
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