A lot of young people find it hard investing in Real Estate despite being gainfully employed. There’s a need for this narrative to change. Young professionals and everyone generally should have the opportunity to invest in Real Estate at their convenience. That’s where Coreum comes in.
Coreum is a platform that allows individuals invest in fractions of property and hold till maturity. Through this, everyone is able to benefit from the Rental Income and Capital Gains that Real Estate Investments afford.
Coreum aims to use Real Estate as a tool to bridge the inequality gap in Africa by making Real Estate accessible and affordable for all class, both young and old, thereby giving them access to wealth creation and preservation made possible through owning Real Estate assets.
Knowing fully well that one size does not fit all, Coreum offers a wide range of products tailored to each individual’s financial capabilities and goals. These products range from Rental Income generating assets such as Residential and Commercial Real Estate to Capital Gain assets such as Lands.
According to Oluwafunsho Awoniyi, a Co-founder at Coreum “I tried to purchase a land in a choice area in Lagos State but couldn’t because my savings at the time as a salary earner wasn’t sufficient to get me the property I was interested in. After critically analyzing the possibility of saving more, I realized it might be impossible to still get the property as Real Estate prices appreciate over time. This happened in June 2017 and 6 months later, the property price had gone up by 33% due to new infrastructural developments around the area. 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 as you can’t have multiple names appearing on a land document. We have spent the past one year putting the legal framework and structure together, not just for our benefit but for people like us who will like to co-invest in Real Estate and that is the value we bring to you through coreum”.
FBN Quest Trustees has partnered with Coreum to serve as Trustee for all co-investors and members of the platform, to protect their interest and ensure that there is transparency and accountability. This is made possible as all assets are acquired and held in trust by FBN Quest Trustees.
Each property on Coreum is divided into 100 equal slots – each valued at 1% of the property price. As a co-investor, you can purchase one slot, or more – depending on how much of the property you want to own, you can also diversify by investing across different locations and property types. By so doing, the formerly high barrier to entry in real estate is brought down as all you need to have to co-invest is a minimum of 1% of the property price.
There are currently three investment options available on Coreum;
- Hold: Co-invest in Real Estate asset for an agreed period of time)
- Develop: co-develop and own interest in residential & commercial Real Estate) and
- Flip: co-fund renovation of commercial Real Estate and earn returns).
At the moment the major focus is Lagos state, Nigeria due to demand and high growth potential.