Sudhir buys Simbamanyo building at $5m

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By Kagenyi Lukka

Meera investments were the highest bidder for the auction from Equity bank Ltd that saw Ruparelia Group acquire Simbamanyo House in Kampala.

Property Mogul Sudhir Ruparelia is now the new landlord for Simbamanyo House which accommodates the Ministry of Gender, Labour and Social Development (MoGLSD).

Meera Investments Ltd acquired the building through an auction put up by Equity Bank in an effort to recoup unpaid loan amounting to about $8.1m (nearly Shs30bn).

Victoria University

Simbamanyo Estates, located on Plot 2 Lumumba Avenue, have been in a dispute with Equity bank for some time now.

CL Risk Management Services, who auctioned the house on behalf of the bank said in a statement on Thursday that the tenants in the property will now be dealing with Sudhir as the new landlord going forward.

“The property has been sold to Meera Investments Limited thus making them your new Landlord.  You are now requested to regularise your tenancy, occupancy and use of the property with your new Landlord—Meera Investments Limited,” reads part of the statement.

The statement signed by Christopher Lumala the Managing Director, CL Risk Management Services further warned that payment regarding the use and related matters should be paid to nobody other than Meera Investments Limited.

The Managing Director, Equity Bank Uganda Limited, Sam Kirubi, also in a statement issued on Thursday said that all the tenants were put on notice about the auctioning of the property in an advert placed in Daily Monitor newspaper on September 8.

“We are writing to inform you that Equity Bank Uganda Limited, as mortgage, has completed the sale if the above mentioned property, after a public auction concluded on October 8, 2020, to the best evaluated bidder M/s Meera Investments Limited. The new owners will be getting in touch with all tenants individually to work out the modalities for their ownership transition” the statement reads in part.

Meera Investments Limited was also immediately after the sale registered on the title of Plot 2 Lumumba Avenue.

The statement of search signed by Mr Johnson Bigiira the Senior Registrar of Titles in Ministry of Lands indicates that Meera Investments Limited was registered on the title under Instrument Number KCCA 00074649.

Sudhir said Friday that his company participated in the competitive bidding and he was displayed as the best evaluated bidder.

With $5m (about 18.4b) bid, he became the most suited and competitive bidder, compelling the auctioneers to hand him the property.

“Meera Investments Limited were the highest bidder for the auction from Equity Bank and acquired the property by pay $5m. We are ready to meet our new tenants and promise to cooperate with them as we have done to our tenants elsewhere,” Sudhir noted.

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