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News Breaks | | | | December 19, 2012 | | 12:02 EDT |  | OBAS | Optibase announces investment in Texas shopping center portfolio
Optibase announced that it had entered into an agreement to acquire an approximately 4% beneficial interest in a portfolio of Texas shopping centers. The acquisition is to be undertaken by a wholly owned subsidiary of the company which will be a limited partner together with other private and institutional investors in a joint venture that is expected to acquire 49% of the beneficial interests in the shopping center portfolio. The transaction is based on a portfolio valuation of approximately $342M including existing nonrecourse mortgage financing in the principal amount of approximately $252M. At Closing, which is expected to occur during the coming weeks, Optibase will make a capital contribution of approximately $4M and will become an owner of approximately 4% of the indirect beneficial interests in the property. | |
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