By Spy Uganda
Kampala-Ugandan business tycoon, Dr Sudhir Ruparelia has acquired the historic former UAP Insurance Building on Plot 1 Kimathi Avenue, adding another prime property in Kampala’s Central Business District to his growing real-estate empire.
The iconic Kimathi Avenue property was for years associated with UAP Insurance Uganda, serving as the insurer’s headquarters before the company relocated its operations to Nakawa Business Park in 2016.
The acquisition further expands Dr Sudhir’s already extensive property portfolio, which includes major commercial and mixed-use developments across Kampala.
Through Meera Investments Limited, the Ruparelia Group has developed landmark properties including Kingdom Kampala, Pearl Business Park and Windsor House, while its acquisition portfolio includes Simbamanyo House, now known as Gender & Labour House, and Arie Towers, formerly Lotis Towers in Nakasero.
In 2020, Meera Investments acquired Simbamanyo House for about US$5 million, while Dr Sudhir and his wife Jyotsna Ruparelia acquired the 14-storey Lotis Towers in 2024 following a bank auction.
The latest acquisition comes as Old Mutual continues reviewing its property holdings in East Africa, including Uganda, as the financial-services group seeks to reduce its direct exposure to real estate.
The Kimathi Avenue property is strategically located in Kampala’s traditional commercial heart, close to Kampala Road, Parliament Avenue, major financial institutions, government offices and other corporate establishments.
For the Ruparelia Group, the acquisition adds yet another high-profile CBD address to its portfolio and reinforces Dr Sudhir Ruparelia’s long-running strategy of combining property development with strategic acquisitions of established commercial assets.
It remains unclear whether the Group intends to retain the existing building, undertake substantial renovations or redevelop the property.
The acquisition comes as Kampala’s commercial-property market increasingly favours modern, well-managed buildings, creating opportunities for investors with the capacity to refurbish or redevelop strategically located older properties.
