Tarena Enters into Definitive Agreement to Purchase Office Building
BEIJING, May 13, 2016 /PRNewswire/ -- Tarena International, Inc. (the "Company") (TEDU), a leading provider of professional education services in China, today announced that the Company, through its wholly-owned subsidiary in the PRC, entered into a definitive purchase agreement, pursuant to which the Company agreed to purchase an office building, mainly for teaching purpose, and to a lesser extent, for administrative functions, with a total consideration of approximately RMB114.6million. The premises is located in the Beijing Economic-Technological Development Area (Yizhuang) and has an aggregate gross floor area of approximately 8,389.91 square meters. We expect to begin business operations in the office building in the second half of 2016.
"After careful consideration, we came to the conclusion that purchasing real property space for new multi-functional learning center was critical to accommodate growing demand and business expansion in Northeast China, as the Company continued to expand course offerings and deepen strategic cooperation with universities and colleges," said Mr. Shaoyun Han, founder, CEO and chairman of Tarena. "We plan to open classrooms with an aggregate of approximately 2,000 seats in this office building, and such seat capacity could fulfill new student enrollment of up to 6,000 annually, which we believe will further improve our operational efficiency and reduce rental cost in longer term."
About Tarena International, Inc.
Tarena International, Inc. (TEDU) is a leading provider of professional education services in China. Through its innovative education platform combining live distance instruction, classroom-based tutoring and online learning modules, Tarena offers courses in eleven IT subjects, three non-IT subjects and two kid education programs. Its courses provide students with practical education to prepare them for jobs in industries with significant growth potential and strong hiring demand. Since its inception in 2002, Tarena has trained over 273,000 students, cooperated with more than 620 universities and colleges and placed students with approximately 70,000 corporate employers in a variety of industries. For further information, please visit http://ir.tedu.cn.
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