City Tycoon Sudhir Ruparelia has acquired the former UAP Insurance building on Kimathi Avenue in Kampala’s Central Business District, adding another prominent commercial property to his real estate portfolio.
The property, located at Plot 1 Kimathi Avenue, has for decades been associated with Uganda’s insurance industry and previously served as the headquarters of UAP Insurance before the company moved its operations to Nakawa.
The value of the transaction has not been disclosed.
The acquisition brings the strategically located property under the Ruparelia Group, whose real estate interests are largely managed through Meera Investments Limited, while Crane Management Services oversees a wide range of commercial, residential, hospitality and retail properties owned or managed by the group.
The deal also comes at a time when Old Mutual is reducing its exposure to directly owned property across East Africa and considering offers for several assets in the region.
Old Mutual Holdings Group chief executive officer Arthur Oginga said in September 2026 that the group was reviewing offers for some of its properties in Uganda as part of its regional property disposal programme.
The company has previously explained that some of its properties have not generated rental returns and capital appreciation at levels that compare favourably with prevailing market interest rates.
The sale of the Kimathi Avenue property therefore marks a shift in ownership from a major financial services group to one of Uganda’s largest private property investors.
The building has a long history in Uganda’s corporate and insurance sector. UAP operated from Plot 1 Kimathi Avenue for many years before relocating its insurance operations to Nakawa Business Park on Old Port Bell Road.
The Insurance Regulatory Authority’s records have previously listed the UAP Insurance Building at Plot 1 Kimathi Avenue as the company’s Kampala address.
The property has also been part of Kampala’s wider business history. Next Media, for example, traces its beginnings to a two-bedroom apartment inside the UAP building on Kimathi Avenue before the media company expanded and eventually moved to its current base in Naguru.
With its location in the heart of Kampala’s commercial district, the building remains a valuable property despite the changing demands of the city’s office market.
The acquisition adds to a series of property purchases by Ruparelia and companies associated with his group.
In 2020, Meera Investments acquired Simbamanyo House on Lumumba Avenue for US$5 million following an auction by Equity Bank. The property was later renamed Gender and Labour House and became home to the Ministry of Gender, Labour and Social Development.
In 2024, Ruparelia and his wife, Jyotsna, also acquired the 14-storey Lotis Towers in Nakasero after an auction by dfcu Bank. The property was subsequently renamed Arie Towers.
These acquisitions have complemented properties developed by the Ruparelia Group, including Kingdom Kampala, Pearl Business Park, Windsor House and a number of residential and hospitality developments.
The group’s strategy has combined developing new properties with acquiring existing buildings in established commercial locations.
The Kimathi Avenue acquisition comes as Kampala’s office market continues to change, with tenants increasingly favouring modern buildings with better facilities, parking, efficient layouts and professional property management.
Grade A office buildings have continued to command stronger rents and occupancy levels than older office stock, while owners of ageing buildings face pressure to renovate, improve facilities or offer more competitive leasing terms.
For Ruparelia, the Kimathi Avenue property provides an opportunity to add a centrally located asset to a portfolio that already has a substantial presence across Kampala.
It remains unclear whether the existing building will continue operating in its current form, undergo refurbishment or eventually be redeveloped.
The transaction also leaves Old Mutual with a broader question over the future of some of its remaining property holdings in Uganda.
Among the major assets linked to the group is Nakawa Business Park, which has housed several Old Mutual operations since the company moved from Kimathi Avenue.
Old Mutual’s 2024 accounts placed the value of Nakawa Business Park at about KSh4.37 billion, while other Ugandan properties included Nakawa House and another property or plot.
The company has indicated that it is willing to dispose of properties where it receives acceptable offers, making the Kimathi Avenue transaction part of a wider change in ownership of institutional real estate in Kampala.
This purchase strengthens his position in the city’s traditional commercial centre and adds another well-established property to a portfolio that spans offices, shopping facilities, apartments, hotels and mixed-use developments.
