Equity Bank Uganda has Friday announced that Meera Investments Limited, a company owned by businessman Sudhir Ruparelia, is now the rightful owner of Simbamanyo House located at Plot 2 Lumumba Avenue.
Simbamanyo House, the building that houses Ministry of Gender, Labour and Social Development, was auctioned by Equity Bank Uganda in an effort to recoup an unpaid loan amounting to about $8.1m from Simbamanyo Estates.
In a letter to tenants, Equity Bank announced the takeover and asked them to corporate with Meera Investment, the new landlord.
“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. We trust you will accord the new owners all courtesy and all future rental payments and other tenant inquiries and obligation will be handled by Meer Investments Ltd or their agents,” Equity Bank said in a notice.
Sam Kirubi, the managing director of Equity Bank, who signed of the notice, 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.
Meera Investments Limited was also immediately after the sale registered on the title of Plot 2 Lumumba Avenue. Johnson Bigiira, the senior registrar of titles in Ministry of Lands said Meera Investments Limited was registered on the title under Instrument Number KCCA 00074649.
Sudhir said that Meera Investment participated in the competitive bidding and his $5m was displayed as the best-evaluated bid.
“Meera Investments Limited were the highest bidder for the auction from Equity Bank and acquired the property by the pay of $5m. We are ready to meet our new tenants and promise to cooperate with them,” Sudhir said.