Sudhir Ruparelia Acquires Historic Old Mutual Property on Kimathi Avenue

What the report says

Ugandan businessman Dr. Sudhir Ruparelia has acquired a historic commercial property on Kimathi Avenue in central Kampala, according to Watchdog Uganda citing CEO East Africa Magazine and sources familiar with the deal. The building is long known as the UAP Insurance Building on Plot 1 Kimathi Avenue, and the report says ownership has moved to interests linked to the Ruparelia Group, including Meera Investments Limited.

The publication said the purchase adds another prime Central Business District address to Ruparelia’s expanding property portfolio. Crane Management Services, the group’s property arm, is described as overseeing a wide range of commercial, retail, residential and hospitality assets. The report did not disclose the transaction value.

Watchdog Uganda also placed the deal in the context of Old Mutual’s broader plan to reduce direct property ownership in East Africa. The article said the insurer has been reviewing offers for assets in Uganda as part of a regional disposal programme. The Kimathi Avenue building had served as the Kampala headquarters of UAP Insurance before operations shifted to Nakawa Business Park in 2016.

The sale matters because it underscores two trends in Kampala’s property market: Old Mutual’s effort to recycle capital out of real estate, and Ruparelia’s continued accumulation of prominent downtown assets. The story also noted wider pressure on older CBD buildings as tenants increasingly prefer newer, better-managed offices with more parking and modern layouts.