Nigerian startup Coreum has launched its platform allowing individuals to co-invest in property and earn returns from rental income and capital gains.
The Lagos-based Coreum, which went live today (February 1), aims to make investing in real estate accessible to more people, regardless of age and economic status.
It offers a wide range of products tailored to each individual’s financial capabilities and goals, including rental income generating assets such as residential and commercial real estate to capital gain assets such as land.
“I tried to purchase land in a choice area in Lagos State but couldn’t because my savings at the time as a salary earner weren’t sufficient. After critically analysing the possibility of saving more, I realised it might be impossible to still get the property as real estate prices appreciate over time,” said Coreum co-founder Oluwafunsho Awoniyi.
“After speaking with a few friends, we thought of the possibility of coming together to co-invest in properties and make returns over time but we had to put a legal framework behind how this will work. We have spent the past year putting the legal framework and structure together, not just for our benefit but for people like us who would like to co-invest in real estate.”
The startup has partnered FBN Quest Trustees to protect the interests of co-investors and members and ensure there is transparency and accountability. All assets are acquired and held in trust by the firm.
Each property on Coreum is divided into 100 equal slots, with each valued at one per cent of the property price. As a co-investor, users can purchase however many slots they desire, and diversify by investing across different locations and property types.
