Financial News
Life Science Incubator Signs MOU with a strategic anchor tenant for its planned Brisbane Co-Working Laboratory Space Project
April 06, 2023 at 01:00 AM EDT
SINGAPORE, Apr 6, 2023 - (ACN Newswire) - ACROMETA Group Limited, an established specialist engineering service provider in the field of controlled environments serving mainly the healthcare, biotechnology, pharmaceutical, research and academia sectors, today announced that Life Science Incubator Pte Ltd[1] ("Life Science Incubator" or "LSI") has entered into a non-binding Memorandum of Understanding ("MOU") with a renowned regional German commercial property management group ("GCPM").
The MOU confirms LSI and GCPM's ("The Parties") commitment and interest in working together for mutual benefit on LSI's proposed co-working laboratory space project in Brisbane, Queensland, Australia (the "Brisbane Project"). Information about the Brisbane Project and Brisbane's flourishing life science hub has been posted to SGXNet in the ACROMETA press release dated 31 March 2023.
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 sq feet 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.
About Life Science Incubator
Launched in September 2021, LSI's first laboratory located at German Centre Singapore garnered healthy occupancy rates within a year of operations. Fueled by strong demand, as more companies conduct R&D to bring innovative products into the market, LSI is looking to expand in Singapore as well as in the region. The German Centre Singapore is part of a worldwide network supporting businesses by providing specialised co-working office space, advice and networking for startups and SMEs. For more information, visit: https://www.lifescienceincubator.com
About ACROMETA Group Limited (SGX Stock Code:43F)
ACROMETA (Previously known as ACROMEC Limited) is an established specialist engineering services provider with more than 25 years of experience in the field of controlled environments.
The Group has, over the years, acquired expertise in the design and construction of facilities requiring controlled environments such as laboratories, medical and sterile facilities and cleanrooms.
ACROMETA's business is divided into three main business segments: (i) Engineering, procurement, and construction services, specialising in architectural, and mechanical, electrical, and process works within controlled environments; (ii) Maintenance and repair services of facilities and equipment of controlled environments and their supporting infrastructure. (iii) Co-Working Laboratory business; currently operates 6,500 square feet of co-working laboratory space at The German Centre in Singapore, serving SMEs and startups.
The Group mainly serves the healthcare, biotechnology, pharmaceutical, research and academia, and electronics sectors. ACROMETA's customers include hospitals and medical centres, government agencies, research and development companies or agencies, research and development units of multinational corporations, tertiary educational institutions, pharmaceutical companies, semiconductor manufacturing companies, and multinational engineering companies.
The Company has been listed on the Catalist Board of the Singapore Exchange since 2016. For more information, please visit www.acrometa.com.
Media and Analysts Contact:
ACROMETA Group Limited
Mr. Jerry Tan
Chief Financial Officer
Tel: +65 6415 0574
Email: jerry.tan@acromec.com
Waterbrooks Consultants Pte Ltd
Mr. Wayne Koo
Tel: +65 6958 8008 / +65 9338 8166
Email: wayne.koo@waterbrooks.com.sg
Email: query@waterbrooks.com.sg
This media release has been reviewed by the Company's sponsor, Evolve Capital Advisory Private Limited (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange"), and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.
The contact person for the Sponsor is Mr. Jerry Chua, 138 Robinson Road, #13-02 Oxley Tower, Singapore 068906, jerrychua@evolvecapitalasia.com.
Source: AcroMeta Group Limited
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