Ugandan billionaire Sudhir Ruparelia has acquired Old Mutual’s prime commercial building along Kimathi Avenue in Kampala’s central business district, consolidating his position as one of East Africa’s top private property investors. The asset, historically known as the UAP Insurance Building and located at Plot 1 Kimathi Avenue, changed hands for an undisclosed sum.

The multi-story commercial complex previously served as the headquarters for UAP Insurance Uganda and the registered base for UAP Properties Uganda. While UAP Old Mutual relocated its primary insurance operations to Nakawa Business Park on Old Port Bell Road in 2016, the Kimathi Avenue address remained a core holding as the Anglo-South African financial services conglomerate reviewed and rebalanced its East African real estate exposure.

Old Mutual accelerates property sales

The acquisition adds another marquee asset to Ruparelia’s extensive commercial, retail, and hospitality portfolio across the Ugandan capital. The transaction comes as Old Mutual steps up disposals across East Africa. Arthur Oginga, chief executive officer of Old Mutual Holdings, said in September that the group was reviewing offers for properties in Uganda and expected further progress in the coming months. Some transactions could close by mid-2027, he said.

Old Mutual has already disclosed sale agreements for properties in Kenya, received a deposit from Rwanda’s government for a building there and attracted interest in properties in South Sudan. The group has said rental income has failed to keep pace with market interest rates, while property values have shown limited growth over roughly a decade.

The Kimathi Avenue purchase comes as Kampala’s office market increasingly separates newer, well-managed buildings from older stock. Average rents for Grade A offices rose to $17 per square meter a month in the first half of 2026, from $16.50 a year earlier, according to Knight Frank Uganda. Grade AB rents declined to about $14.

Sudhir Ruparelia expands Uganda property empire

Ruparelia has built a broad business empire spanning real estate, banking, education and agriculture and remains one of Uganda’s most prominent private-sector investors. His wealth was estimated at more than $1.1 billion in 2014 and $800 million in 2015. In 2025, he expanded his property holdings by acquiring Kampala’s Lotis Towers.

Earlier this year, Ruparelia unveiled plans for a 21-story tower at the Kingdom Kampala complex, topped by a rooftop helipad. The development is planned as the second phase of the long-running project, with architectural designs showing a glass-heavy high-rise, landscaped terraces and a podium combining retail and office space.

The new tower is intended to extend Kingdom Kampala beyond its existing mall and office blocks, creating a larger mixed-use destination in the capital’s business district. The Kimathi Avenue acquisition gives Ruparelia another established commercial property in central Kampala as he continues expanding his presence across the city’s real estate market.