DEADLINE: 8TH JULY, 2024
TRUSTFUND PENSIONS LIMITED
EXPRESSION OF INTEREST/SALE OF REAL ESTATE PROPERTY IN IKOYI

1. OUTLINE
This is an invitation upon which qualified interested parties (interested parties) may submit an Expression of Interest (EOI or Indicative offer) to purchase the property detailed in section 2 below.

2. DESCRIPTION OF THE PROPERTY
A regulated financial institution offers the under listed property for outright sale to interested members of the public.

SELLERTrustfund Pensions Limited (Trustfund) is a Pension Fund Administrator licensed and regulated by the National Pension Commission (the pension regulatory body) pursuant to the pension reform act 2004. Its sole business is the administration and management of retirement savings (pension funds) Nigeria.
PROPERTY ADDRESSAlagbon Towers, Ikoyi Towers road, Off Oba Adeyinka Oyekan Avenue, Ikoyi, Eti-Osa Local Government Area, Lagos State (the asset)
TITLEC of O
LANDSIZE (SQM)Approximately 21, 000 sqmtrs
PROPERTY DETAILS-3 Nos of high-rise blocks of 24 units three-bedroom apartment each with a boys quarter on twelve (12) floors and ancillary ground floor, parking lots, annex
-6 three bedroom flats on three floors
-Security and generator house
OFFEROffer for purchase of the asset in its entirety will be considered i.e an outright acquisition of the asset.

3. ELIGIBILITY TO PARTICIPATE
To participate in the process, an interested party must NOT be one of the persons or entities exempted from purchasing pension assets under section 89 of the Pension Reform Act 2014 or any regulation issued by the National Pension Commission (PenCom).

4. MILESTONES
Essential milestones for the process are shown below;

No Date
 PHASE 1 
1Issuance of process letter to interested parties2 days upon approval
2Property inspection (see section 6)5-7 days after publication
3Submission of EOIs along with a payment of a non-refundable deposit of N3.0million12 days after publication
4Selection of preferred bidders to go into phase 2 of process19 days after publication
 PHASE 2 
5Issuance of process letter to selected parties in phase 2 of the process20 days after publication
6Additional access to site20-31 days after publication
7Submission of final binding offers along with 10% refundable deposit33 days after publication
8Selection of preferred bidder/opening of bids43 days after publication
9Return of refundable deposits to unsuccessful bidders with interest64 days after publication
10Transaction closeTBC

5. BIDDING PROCESS
Disposal of the property will be by competitive bidding and will be sold to the highest bid after the completion of two phases:
Phase One: Expression of Interest
a. EOls must be submitted together with a non-refundable sum of N3, 000,000.00 (Three Million Naira only) through a Certified Bank Draft made payable to Trustfund/First Pensions Custodian.
b. The completed EOI must include the following sections:

  • Information about the bidder
  • Indicative offer
  • Transaction structure
  • Funding arrangements
  • Required approvals and conditions (where applicable)
  • Conflict of interest declaration
  • Relevant additional information
  • Evidence of payment of non-refundable amount

c. Only those bidders acknowledging interest in the Asset through the EOI will continue to receive additional correspondence throughout the process.

Phase Two: Binding Offer
a. Binding offers must be made on a standard bidding form which will be shared after the shortlisting of successful bidders from Phase 1.
b. All bidders in the Phase 2 process will be expected to pay a refundable deposit of 10% of the purchase consideration along with their binding offer.
c. All unsuccessful bidders in the Phase 2 process would be refunded their principal and accrued interest at the prevailing FGN T-bill rate within 30 days.

6. PROPERTY INSPECTION
Interested bidders can contact the Seller for guided inspection of the property and further enquiries. The property will be sold on an “as is” basis (in the condition it presently exists). All property inspection request or enquiries in Phase 1 of the Process must be submitted via email to the details provided below on or before 12pm on 28th June 2024:
NAME: Funmilayo Oluwo
EMAIL: funmilayo.oluwo@trustfundpensions.com

7. SUBMISSION OF EOIS
Bids must be addressed and submitted to the details outlined below:
Email: Funmilayo.Oluwo@trustfundpensions.com

Address: Trustfund Pensions Limited, Labour House, Plot 820/821, Central Business District, FCT, Abuja
Submission deadline: 5:00pm (Nigerian Time) on 8th July 2024.

8. SHORTLISTING OF EOIS
a. The Seller will conduct interviews to verify and obtain clarifications on the information provided in the EOls. From submitted offers, a limited number of potential purchasers will be shortlisted for further negotiations and due diligence.
b. The highest bid for the property will be the winner SUBJECT to the bid being equal to or above the reserved price.
c. The acceptance of the price of the highest bidder shall be subject to the concurrence of the National Pension Commission (PenCom) whose decision in this regard shall be final.

  • In the event of two or more bidders having a tie on the highest bid, the said bidders will be requested to make a second bid immediately and the highest bidder among them will be the winner.
  • The bids will be announced immediately after opening and bidders and/or their representatives will have the right to scrutinize the results after the exercise.

Recipients are responsible for meeting all of their own costs in respect of the sale process. Please note that TRUSTFUND PENSIONS LIMITED will NOT be liable for any delays due to circumstances outside its control.

Signed
Management

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