Ugandan billionaire businessman Dr. Sudhir Ruparelia has officially added another major asset to his real estate empire, acquiring Old Mutual’s historic property at Plot 1 Kimathi Avenue in Kampala’s Central Business District.
Sources familiar with the transaction indicate the property, formerly known as the UAP Insurance Building on Plot 1 Kimathi Avenue has changed hands for an undisclosed amount. This move significantly expands Ruparelia’s real estate holdings under Meera Investments Limited and Crane Management Services (CMS).
Old Mutual’s decision aligns with a broader strategy of divesting from directly held properties across East Africa, as Arthur Oginga Group Chief Executive Officer – East Africa OLD MUTUAL GROUP stated in September 2026. They’re reviewing offers and anticipate transactions concluding by mid-2027.
A Building with a History:
The Kimathi Avenue building holds a prominent place in Uganda’s insurance history. UAP Insurance Uganda’s headquarters and UAP Properties Uganda’s address were both located there, documented as far back as Old Mutual’s 2016 accounts. The move to Nakawa Business Park in 2016 solidified this shift.
Ruparelia Group’s Growing Portfolio:
This acquisition represents more than just an office building, it’s a transfer of a long standing institutional property. Ruparelia’s strategy mirrors a pattern of acquiring existing prime properties, alongside Greenfield development projects like Kingdom Kampala, Pearl Business Park and Windsor House. CMS currently manages over 450 properties across various sectors. Notable recent acquisitions include Simbamanyo House (formerly Gender & Labour House) in 2020 and Lotis Towers (now Arie Towers) in 2024.
The Kampala Office Market:
Currently, Kampala’s commercial property market is bifurcated: newer, high-quality buildings versus aging stock. Grade A rents are rising, while Grade AB rents are declining. Occupancy rates are healthy, but older buildings face pressure to renovate or compete on price. Knight Frank’s research highlights a “flight to quality,” with tenants prioritizing building standards, layouts, and amenities.
Old Mutual’s Retreat & Potential Sale:
Old Mutual is actively recycling capital, citing insufficient rental yields and flat capital appreciation. They’ve sold properties in Kenya and have offers under review for properties in Rwanda and South Sudan. Nakawa Business Park, valued at KSh4.37 billion, is also on the disposal radar.
A Strategic Alignment:
The Kimathi Avenue deal marks significant progress in Old Mutual’s regional strategy. It contrasts sharply with Ruparelia’s aggressive accumulation of strategic properties. If Old Mutual sells Nakawa Business Park, it could become another asset in Ruparelia’s portfolio.
Currently, the former UAP headquarters on Kimathi Avenue, once a landmark in Kampala’s financial district, is now part of the Ruparelia property empire. The future plans for the building – whether renovation, redevelopment, or continued office use – remain under consideration.
Ultimately, the transaction connects two distinct property strategies: Old Mutual’s divestment and Ruparelia’s continued expansion.
