SINGAPORE: TEHO International Inc Ltd’s wholly-owned subsidiary TEHO EuROPE B.V. has entered into a purchase agreement to acquire a property located at Nikkelstraat 21 in Ridderkerk, the Netherlands  from Indumat Vastgoed B.V. at a purchase consideration of EUR 1.25 million.

The vendor, Indumat Vastgoed B.V., is a property developer and investment company incorporated in the Netherlands. They specialise in the purchase, sale, development and renovation of commercial and industrial property.

For avoidance of doubt, the vendor does not hold any shares in the Company and is not related to the Group, the directors, controlling shareholders and substantial shareholders of the Company, and their respective associates.

The Property is a freehold land with a plot size of 1,735 square metres, consisting of a warehouse with a net lettable floor area (LFA) of 988 square metres and a fully-paved outdoor terrain with a net LFA of 560 square metres. The aforementioned warehouse was built in 2009, has a smooth concrete floor with a density of 2,000 kilograms per square metre and a free height of more than 7 metres.

The Proposed Acquisition is part of the Group’s strategy for business expansion for its Marine & Offshore segment, as the Property which is located next to our existing property will enable the Group to expand its operations and increase its inventory and product offering to meet the increasing demand by customers in the Europe region.