AcroMeta announces milestone in Life Science Incubator cooperation

Published: 20-Apr-2023

The Singapore-based group has signed a company to lease and operate its newly acquired co-working office area in Brisbane

ACROMETA Group, a specialist engineering service provider in the field of controlled environments, has announced that Life Science Incubator (LSI) has entered into a non-binding Memorandum of Understanding (MOU) with a renowned regional German commercial property management group (GCPM).

AcroMeta is a part owner of LSI and recently announced plans to add two additional co-working laboratory spaces: one in Brisbane, Australia and one in Singapore. 

The MOU confirms LSI and GCPM's commitment and interest in working together for mutual benefit on LSI's proposed co-working laboratory space project in Brisbane, Queensland, Australia.

Specifically, GCPM intends to lease and operate the co-working office area and meeting rooms within the LSI's Brisbane premises. In addition, as part of the MOU, the Parties have agreed to promote each other's facilities and services to their respective members, tenants and business network.

LSI currently operates a 6,500 sqft co-working laboratory space at The German Centre in Singapore, serving SMEs and startups, while The German Centre operates the co-working office area and meeting rooms in the premise. This existing partnership has worked well with LSI members being able to leverage on the co-working office area and meeting rooms. The intent of the MOU is to replicate the success and synergies experienced in Singapore.

Mr Levin Lee Keng Weng, ACROMETA's Executive Chairman, commented, "To have a working partnership with such a prestigious regional German property management group is advantageous for ACROMETA. We hope to replicate the model in Singapore, which has worked well for us, to Australia and beyond. Their business network and experience, coupled with LSI's technical expertise on co-working laboratory spaces and Acromec Engineers' experience in the design and construction of laboratories, means that we have a competitive advantage for tapping into the demand for co-working laboratory space in Brisbane."

[1] Reference the Company's announcement on 20 February and 31 March 2023, the Company has entered into the sales and purchase agreement of the proposed acquisition of LSI. The transaction is pending completion. On completion, LSI will be a 70%-owned subsidiary of the Company.

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