Lotte Asset Development and Lotte Accelerator have joined hands to expand their shared office business and foster startups.
Lotte Asset Development CEO Lee Kwang-young of and Lotte Accelerator CEO Lee Jin-sung signed an MOU on Nov. 26 to promote a successful shared office business and cooperate in startup incubation.
The MOU is designed to create synergy between Workplex, a shared office business of Lotte Asset Development, and startup support business of Lotte Accelerator.
Lotte Asset Development, which is Korea's largest real estate company. plans to open its first Workplex shared office space at the Gangnam N Tower in southern Seoul in January next year.
Lotte Accelerator operates an accelerating program for startups in their initial stage and invest in startups in the growth stage as a venture capital company.
"We expect many start-ps from Lotte Accelerator to take the next step in Workplex," said Lotte Asset Development CEO Lee. “We will introduce a new shared office model by combining Lotte Asset Development’s hardware and Lotte Accelerator’s software.”