Kampala, Uganda – Meera Investments Limited owned by property mogul Sudhir Ruparelia has acquired Simbamanyo house at a cost of $5m (UGX18.5b).
The acquisition follows a public auction of the building by Equity Bank.
In a notice dated October 8, 2020, CL Risk Management Services on behalf of Equity Bank informed the tenants and occupants of Simbamanyo house that include the Ministry of Gender, Kampala Imaging Centre among others of the change of ownership.
“We work for and on behalf of Equity Bank Uganda to notify you that Equity Bank has sold the above-mentioned property today the 8th October 2020, having been mortgaged to the bank by Simbamanyo Estates Limited, your former landlord and following a default in the performance of their loan obligations,” reads the notice.
This development follows another notice by Katende Ssempebwa & Co and AF Mpanga Advocates, that was published in the Daily Monitor on September 7 on behalf of Equity Bank, which said that after October 7, 2020, properties contained in plots on Lumumba Avenue and Mutungo-Luzira, both within Kampala will be sold if Simbamanyo Estates fails to pay at least $8.10m (Shs29.83b) which Africa Tembelea understands is the total outstanding including interest and operational fees.
However, the estates company represented by Muwema and Company Advocates said they were only aware of USD 7.19 million (26.48 billion Shillings).
The statement signed by Mr. Christopher Lumala the Managing Director, CL Risk Management Services has also advised that payment regarding the use and related matters should be paid to nobody other than Meera Investments Limited.
“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,” the statement read further.
According to a statement of search signed by Mr. Johnson Bigiira, the Senior Registrar of Titles in Ministry of Lands indicates that Meera Investments Limited has already been registered on the title of Plot 2 Lumumba Avenue under Instrument Number KCCA 00074649.
– Meera Investments –
Meera Investments, the property development arm of the Ruparelia Group was incorporated in Uganda on May 26, 1994.
Today, Meera investment with over 300 properties in Kampala and other major towns around Uganda also takes on the role of main contractor for small to medium size projects and performs project management services to coordinate specialist trades for industrial/ commercial and residential projects.