Old Mutual offices on New Port Bell Road, Nakawa Business Park, Kampala on September 9, 2026.
By Joseph Kiggundu
KAMPALA. Uganda’s top property magnet Dr Sudhir Ruparelia, has purchased one of the prime properties of Old Mutual Holdings Plc in Kampala .
The property on Plot 1 Kimathi Avenue is now an addition to Sudhir’s property chain as Old Mutual Holdings Plc evaluates another property , Nakawa Business Park and Nakawa House Kampala for possible sale .
However , the insurer has reassured its customers that sale of some properties in Uganda will not affect its ability to meet policyholder obligations as group rebalances its real estate portfolio.
It says the move is part of investment management strategy aimed at strengthening balance sheet, improving returns and reducing concentration in investment property.
The company said properties under review are shareholder assets and are separate from assets held by its operating subsidiaries in Uganda.
“Their transfer or potential divestment therefore does not affect the assets supporting customer and policyholder obligations or the ability of our businesses to meet their obligations as they fall due,” Old Mutual said in a statement.
“We would like to reassure our customers, partners and the public that the rebalancing of our real estate portfolio does not affect the stability, financial strength or day-to-day operations of Old Mutual Uganda,” the company said.
It added that its insurance and investment businesses remain well capitalised and continue to meet applicable regulatory requirements.
“Uganda remains an important market for the Group, and we remain committed to serving our customers, growing our businesses and investing for the long term as we continue enabling positive futures,” Old Mutual said.
Kimathi property changes hands
The transfer of Plot 1 Kimathi Avenue marks change in ownership of one of prominent properties in Kampala’s central business district.
The building, formerly known as UAP Insurance Building, was previously associated with UAP Insurance before company moved its head office to Nakawa Business Park in 2016.
Dr Ruparelia is reported to have acquired property, although value of transaction has not been disclosed.
Old Mutual said Kimathi Avenue transaction should be viewed within wider restructuring of property portfolio rather than as isolated disposal.
“The portfolio changes are intended to strengthen the Group’s balance sheet, optimise returns and reduce concentration on investment property, while supporting sustainable long-term growth,” company said.
Nakawa properties under review
The review also covers Nakawa Business Park and Nakawa House, although Old Mutual said two properties are only being evaluated for possible divestment.
Nakawa Business Park is particularly significant because it has housed some of Old Mutual’s operations.
The company has not disclosed whether two properties will eventually be sold or whether transaction has been agreed with prospective buyers.
The review comes at time when insurers and other institutional investors are reassessing composition of investment portfolios.
According to Old Mutual, current strategy is to rebalance portfolio and deploy capital in areas that it believes can provide better long-term returns.
The company said properties being transferred or considered for sale are owned at shareholder level and are distinct from assets supporting regulated insurance businesses.