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The Simbamanyo building that had been auctioned by Equity bank over failure of the owners to pay the $8.1 million was acquired by the businessman and property mogul Sudhir Ruparelia.

Simbamanyo House, is a building accommodating the Ministry of Gender, Labour and Social Development along Lumumba Avenue in the city centre

The new ownership was announced on October 8, 2020 through a notice from Equity Bank to the tenants letting the them know that Sudhir’s Meera Investments Limited had acquired the building through an auction by the bank that sought to recover a $8.1million loan.

“We are writing to inform you that Equity Bank Uganda Limited, as mortgagee, has completed the sale of the above-mentioned property, after a public auction concluded on October 8, 2020, to the evaluated bidder M/S Meera Investment Ltd. All the tenants were put on notice of the said auction via an advert in the Daily Monitor Newspaper dated September 8, 2020,” the notice signed by the Equity Bank Managing Director, Sam Kirubi reads in part.

“The new owners will get in touch with all tenants individually to work out the modalities for the ownership transition. We trust you to accord the new owners all the courtesy and all future rental payments and other tenant inquiries and obligations will be handled by Meera Investments Ltd or their agents.”

According to CL Risk Management Services who auctioned the house on behalf of the bank, tenants will be required to start dealing with Meera Investments Limited as the new landlord.

“You are now requested to regularise your tenancy, occupancy and use of the property with your new Landlord—Meera Investments Limited,” a statement by Christopher Lumala, the CL Risk Management Services Managing Director reads in part.

The amount to be paid was $8.10 million(shs29.83bn) including interest and operational fees but Simbamanyo failed to service the loan prompting Equity Bank to take over Simbamanyo House along Lumumba Avenue.

 

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