In a significant real estate move, RainydayCoop, a Lagos-based cooperative with global membership, has agreed with Brent Mortgage Bank to take over Skyfield Apartments. The property, a six-storey building comprising 165 self-contained rooms and additional facilities, is located in Yaba, Lagos.

The agreement was reached at Brent Mortgage Bank Headquarters in Lagos, signed by Adeola Simon, Managing Director, Brent Mortgage Bank, and Olufunso Akinsanya, President, RainydayCoop in the presence of other stakeholders from both organisations.

The agreement with RainydayCoop for Skyfield’s outright purchase aligns with Brent’s strategy to achieve operational efficiencies and drive scale.

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.

RainydayCoop and Brent Mortgage will work closely together in the coming weeks to ensure a seamless transition, with the transaction expected to be completed in time for the former’s 1st inauguration anniversary.

For RainydayCoop, this transaction represents a key step in providing verified opportunities to her members (current and new) to earn passive, tax-friendly income.

Speaking on the acquisition, Olufunso Akinsanya, President, RainydayCoop stated. “The acquisition helps us to provide a better alternative for our members to gradually build wealth and own a key part of our fatherland”

SpacecubeAfrica as the construction and founding partner to RainydayCoop, will continue to provide facility management for Skyfield Apartment alongside other projects embarked upon by RainydayCoop and her members.