Dr Sudhir Ruparelia has added another prime address to his Kampala property portfolio after acquiring Old Mutual’s historic building on Kimathi Avenue,.
The property, formerly known as the UAP Insurance Building, occupies Plot 1 Kimathi Avenue in the capital’s Central Business District. The purchase price has not been disclosed.
Sources cited by the magazine confirmed that ownership had moved to the Ruparelia Group’s property interests, largely held through Meera Investments Limited. The group’s property management company, Crane Management Services, oversees commercial, residential, retail and hospitality assets.
The building housed UAP Insurance’s Kampala headquarters until 2016, when the insurer relocated its operations to Nakawa Business Park. Its acquisition gives Ruparelia another foothold in Kampala’s established financial and commercial centre.
The sale comes as Old Mutual pursues a regional programme to reduce its exposure to direct property ownership and release capital tied up in real estate.
In September 2026, Group CEO Arthur Oginga said the insurer was considering offers for properties in Uganda. He indicated that some transactions under its East African disposal programme could be completed by mid-2027.
Old Mutual’s investment property portfolio stood at approximately KSh19.42 billion at the end of 2024. Its Ugandan assets include Nakawa Business Park, valued at KSh4.37 billion, Nakawa House and another plot.
For Ruparelia, the latest purchase builds on a pattern of acquiring prominent buildings alongside developing new projects. In 2020, he bought Simbamanyo House, subsequently renamed Gender and Labour House, for about US$5 million. In 2024, he acquired Lotis Towers, now Arie Towers, for approximately US$6 million.
His wider property interests include Kingdom Kampala and Pearl Business Park.
The acquisition also comes against a shifting office market. Knight Frank Uganda’s review for the first half of 2026 reported growing demand for higher-quality premises, with Grade A rents reaching US$17 per square metre per month.
Older Grade AB buildings, meanwhile, faced falling rents and occupancy as tenants increasingly sought efficient layouts, adequate parking, modern facilities and professional management.
Although Kimathi Avenue offers a central location near Kampala Road and major institutions, the building’s next chapter remains unclear. CEO East Africa reported that the Ruparelia Group had not announced plans to retain, refurbish or redevelop it.
The transaction underscores Old Mutual’s effort to unlock property capital while Ruparelia expands his presence in Kampala. Further significant changes in ownership could emerge if the insurer proceeds with disposing of larger assets such as Nakawa Business Park.
