Simbamanyo Estates Limited has lost another property which houses four star hotel on Mutungo Hill few days after losing the building which houses the Ministry of Gender office.
The said property too was lost due failure to pay a bank loan of $10.8 million that was obtained from equity bank in 2017.
Shortly after the bank has now auctioned Afrique Suites Limited sitting on three plots, Luwaluwa Investments Limited, a real estate firm purchased the building and a notice emerged informing the public that it hashas taken possession of the property.
Documents show that Luwaluwa Investments bought the property at $4,350,000 (more than Shs 16 billion) from the bank on the same day, Meera Investments Limited owned by tycoon Sudhir Ruparelia bought Simbamanyo building which is housing the Gender Ministry among other entities on Lumumba Avenue.
On August 7 and 11 this year, the bank advertised the sale of the two properties by way of public auction. The advert for sale of the mortgaged properties seeks to enforce the disputed credit facility advanced on November 30 2017.
They were seeking to halt a High Court order that required them to pay 30 per cent of the outstanding loan amount worth Shs12 billion.
When the matter came up for hearing before Justice Christopher Madrama, Simbamanyo Estates lawyer Robert Friday Kagoro told the court to allow withdrawal of the case reasoning that it had been overtaken by events.