Ugandan billionaire Dr Sudhir Ruparelia has acquired Old Mutual’s historic property on Kimathi Avenue in central Kampala, further expanding his already dominant real-estate portfolio in the capital’s Central Business District.
According to CEO East Africa Magazine, the undisclosed transaction involves the building long known as the UAP Insurance Building on Plot 1 Kimathi Avenue. Sources familiar with the deal confirmed that ownership has transferred to the Ruparelia Group’s property interests, primarily held under Meera Investments Limited.
“The acquisition puts another strategic central Kampala property into the orbit of the Ruparelia Group,” CEO East Africa reported. The magazine noted that Crane Management Services, the group’s property-management arm, oversees an extensive portfolio of commercial, retail, residential and hospitality assets.
The deal comes as Old Mutual accelerates its exit from direct property ownership across East Africa. Group CEO Arthur Oginga said in September 2026 that the insurer was reviewing offers for properties in Uganda and expected progress on its regional disposal programme, with some transactions potentially concluding by mid-2027.
Old Mutual’s East African property holdings have been under pressure. At the end of 2024 the group reported investment property valued at approximately KSh19.42 billion. In Uganda, key assets include Nakawa Business Park (valued at KSh4.37 billion), Nakawa House and another plot. The Kimathi Avenue building, once the Kampala headquarters of UAP Insurance before operations moved to Nakawa Business Park in 2016, represents one of the first tangible sales in the Ugandan portfolio.
For Ruparelia, widely known as the “Landlord of Kampala,” the purchase continues a consistent strategy of both developing new projects and acquiring existing prime assets. Recent examples include the acquisition of Simbamanyo House (now Gender and Labour House) in 2020 for about US$5 million and Lotis Towers (later renamed Arie Towers) in 2024 for approximately US$6 million. His Meera Investments platform manages hundreds of properties and is developing major schemes such as Kingdom Kampala and Pearl Business Park.
The transaction also reflects broader shifts in Kampala’s office market. Knight Frank Uganda’s H1 2026 review shows a clear “flight to quality,” with Grade A rents rising to US$17 per square metre per month while older Grade AB stock faces declining rents and occupancy. Tenants increasingly prioritise modern buildings, efficient layouts, professional management and adequate parking, placing pressure on ageing CBD properties.
Kimathi Avenue remains a prime location, sitting in the traditional financial and commercial heart of the city near Kampala Road and major institutions. CEO East Africa noted that the Ruparelia Group has not yet indicated whether it plans to retain the building as is, renovate it or pursue redevelopment.
The deal highlights two contrasting approaches: Old Mutual is recycling capital away from real estate after years of relatively modest yields and flat capital appreciation, while Ruparelia continues to deepen his position in Kampala’s property market. If Old Mutual proceeds with the sale of larger assets such as Nakawa Business Park, further significant ownership changes could follow.
For now, the former UAP headquarters on Kimathi Avenue has joined the growing list of prime addresses under the control of Uganda’s most prominent private real-estate investor.
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