By Patience Namuddu
KAMPALA — Businessman Sudhir Ruparelia has acquired the former UAP Insurance building on Kimathi Avenue in Kampala’s Central Business District, adding another established commercial property to his real estate portfolio.
The property, located at Plot 1 Kimathi Avenue, has for years been associated with Uganda’s insurance industry and previously housed UAP Insurance before the company relocated its operations to Nakawa.
The value of the transaction has not been disclosed. Sources familiar with the deal said ownership of the property has transferred to interests associated with the Ruparelia Group, whose real estate investments are largely held through Meera Investments Limited.
The acquisition comes as Old Mutual reviews its property holdings across East Africa as part of a wider strategy to reduce direct exposure to real estate.
Former UAP headquarters
The Kimathi Avenue property has a long history in Uganda’s corporate and insurance sector.
Historical UAP records identify Plot 1 Kimathi Avenue as the company’s Kampala headquarters. UAP later moved its insurance operations to Nakawa Business Park on Old Port Bell Road.
The relocation was part of the restructuring of UAP’s operations following its integration into the Old Mutual group. Current regulatory records place several Old Mutual businesses at Nakawa Business Park.
The Kimathi Avenue building has also featured in Kampala’s wider business history. Next Media has previously traced its beginnings to a two-bedroom apartment in the building before the media company expanded and moved to Naguru.
Old Mutual property strategy
The transaction comes as Old Mutual continues reviewing some of its property assets in the region.
Old Mutual Holdings Group chief executive Arthur Oginga said in September that the group was reviewing offers for some of its properties in Uganda as part of its regional property disposal programme.
The company’s property portfolio in Uganda includes Nakawa Business Park and other commercial assets.
Old Mutual’s 2024 accounts valued Nakawa Business Park at about KSh4.37 billion, while other Ugandan properties included Nakawa House and another property or plot.
The sale of the Kimathi Avenue property therefore comes amid changes in ownership and investment strategies within Kampala’s commercial property market.
Ruparelia expands property portfolio
The acquisition adds to a series of property investments associated with Mr Ruparelia and Meera Investments.
In 2020, Meera Investments acquired Simbamanyo House on Lumumba Avenue for about $5 million following an auction by Equity Bank. The building was later renamed Gender and Labour House and became home to the Ministry of Gender, Labour and Social Development.
In 2024, Mr Ruparelia and his wife, Jyotsna, acquired the 14-storey Lotis Towers in Nakasero following an auction by dfcu Bank. The property was subsequently renamed Arie Towers.
These acquisitions complement properties developed by the Ruparelia Group, including Kingdom Kampala, Pearl Business Park and Windsor House.
The group’s property interests also cover residential, hospitality and retail developments across Kampala.
Changing office market
The Kimathi Avenue acquisition comes as Kampala’s office market continues to change.
Demand has increasingly shifted towards buildings offering modern facilities, adequate parking, efficient layouts and professional property management, putting pressure on owners of older office buildings to refurbish or improve their facilities.
The location of the former UAP building, however, places it in one of Kampala’s traditional commercial areas, close to major financial institutions, government offices and other businesses.
It is not yet clear whether the building will continue operating in its current form, undergo refurbishment or be redeveloped.
For Old Mutual, the transaction forms part of a broader review of its property portfolio. For the Ruparelia Group, it adds another established commercial address to its growing presence in Kampala’s real estate market.
The change in ownership also illustrates the continuing reshaping of Kampala’s CBD, where older institutional properties are increasingly being repositioned as the city’s commercial and office-space requirements evolve.