RainydayCoop, a Lagos-based cooperative has partnered with Brent Mortgage Bank to take over Skyfield Apartments, a six-storey building of 165 self-contained rooms in Yaba area of Lagos State.
Mr Olufunso Akinsanya, President, RainydayCoop disclosed this in a statement on Monday in Lagos.
Akinsanya said the agreement was signed by himself and Mrs Adeola Simon, Managing Director, Brent Mortgage Bank.
He explained that the agreement with RainydayCoop for Skyfield’s sale aligns with Brent’s strategy to achieve operational efficiencies and drive scale.
According to him, RainydayCoop team has been conducting due diligence on the Skyfield Apartments since May, with legal matters handled by UUBO Law Firm, and technical verification by Spacecube Africa.
Akinsanya noted that the cooperative and mortgage houses would work closely in the coming weeks to ensure a seamless transition.
The cooperative boss said the transaction was expected to be completed in time for the inauguration of the apartments.
“For RainydayCoop, this transaction represents a key step in providing verified opportunities to her old and new members to earn passive, tax-friendly income.
“The acquisition helps us to provide a better alternative for our members to gradually build wealth and own a key part of our fatherland,” he said.
Akinsanya added that SpacecubeAfrica, the construction and founding partner to RainydayCoop, will continue to provide facility management for Skyfield Apartment alongside other projects embarked upon by the cooperative.(NAN)
