Dr Sudhir Ruparelia, who last year in October bought the Simbamanyo building from Equity Bank via a public auction at USD 5 million, has renamed the building. Simbamanyo, which houses the Ministry of Gender Labour and Social Development, has now been renamed Gender and Labour House.
The building which is located on Plot 2 Lumumba Avenue in Kampala, is now under the management of Meera Investments Ltd, a real estate arm of Ruparelia Group.
Equity Bank sold the building after the original owner, a one Peter Kamya, defaulted on a USD6m loan it acquired from the bank. Efforts for both parties to sort the loan mess failed leaving the bank with no option but to sell the building to recoup its money. It is at that point at that Dr Ruparelia's Meera Investments Ltd emerged the best bidder and paid for the prime property.
Thereafter, Equity Bank wrote to the tenants of the building informing them of a change in ownership. “We are writing to inform you that Equity Bank Uganda Limited, as mortgagee, has completed the sale of land comprised in LRV 2220 folio 3 plot 2, Lumumba Avenue Simbamanyo House, after a public auction concluded on 8 October 2020 to the best evaluated bidder M/s Meera Investments Ltd, ” said Sam Kirubi, Equity Bank Uganda Managing Director.
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