Total E&P Cooperative (TEPNG COOP) is pleased to invite offers for the acquisition or Joint Venture development of its land located at Akin Ogunlewe Street, Victoria Island, Lagos. The land which is currently vacant is unencumbered and measures 22,070m2. The land is covered by a Lagos State Certificate of Occupancy.
All firms interested in submitting offers hereafter referred to as participants, should note that the details required of each offer include the following:
Offer to Purchase:
- A formal ‘letter of offer to purchase’ highlighting the price offered and the payment terms proposed
- Evidence of financial capacity
- An attestation to make a 10% commitment within 7days of acceptance of the offer and payment of balance within 30days of same.
Offer for Joint Venture:
- The Joint Venture Structure you propose to employ
- Your valuation of the Parcel of Land, the evidence of expert opinion is expected
- The type of development you propose on the land: including the number of units etc.
- Your funding strategy for the project
- Development strategy and timelines
- Estimated construction costs (high level)
- Estimation of both JV Partners’ income
- Evidence of financial capacity
Participants should please note the following:
- All submissions shall be electronic via https://totalupstreamng.coop/tender/purchase-or-joint-venture-development-of-parcel-of-land-form/
- All request for information or access to visit the site should be directed to [email protected]
- The Cooperative reserves the right to reject any offer for reasons it is not obligated to disclose to participants at any point in this process prequel to (6) below
- All offers are submitted at the exclusive costs of the participant and the Cooperative will not be liable for any costs incurred in the preparation of such offer by participants
- All communication which may occur upon receipt of the said offer does not constitute an acceptance of the offer. Any changes or additional information request by the Cooperative upon receipt and evaluation of the offer are subject to (4) above
- A formal written letter on TEPNG Coop Letterhead signed by the President and another director shall be the only accepted communication of the acceptance an offer proposed by a participant
If you are interested in submitting an offer in response to this RFP, please prepare your offer following the information requirements set out above as failure to provide all required information shall disqualify the offer.
All Offers must be received no later than 11:59PM on Monday 8th November 2021. We look forward to receiving your offer.
Thank You
Signed: Procurement Committee