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TEHO Int'l acquires property in Netherlands for 1.335m euros

TEHO International has entered into a purchase contract with Spuitco Beheer BV to acquire a freehold property in the Netherlands for 1.335 million euros (S$2.044 million).

The property, which is located at Nikkelstraat 19 in Ridderkerk (2984 AM), comprises two adjacent parcels of land with a total site area of about 4,034 square metres and a building that has a built-in area of approximately 3,295 square metres. As at Jan 1, 2016, it has an open market value of 1.33 million euros.

The acquisition is intended to help TEHO International consolidate its Rotterdam operations, which are currently at two different locations, into a centralised venue.

The offshore and marine solutions provider's Dutch operations include supplying rigging and mooring equipment as well as related services to customers mainly in the marine, offshore oil and gas industries.

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"With this consolidation, we hope to raise our operating efficiency and effectiveness to better serve our customers in those markets," said Lim See Hoe, executive chairman and CEO of TEHO International.

The transaction is expected to be completed by Sept 1, 2016.