Church of Uganda sold assets to build Church House in city
Posted Monday, August 27 2012 at 01:00
Expensive project. The Anglican Church budgeted Shs42.75b for the completion of the project.
The Church of Uganda sold part of its assets to city businessman Sudhir Ruparelia and other entities in order to raise 30 per cent of the capital needed to build the multi-storey Church House building in Kampala.
According to a report that was handed to the Anglican Bishops during the bi-annual House of Bishops Provincial Assembly that convened at Uganda Christian University in Mukono last week, the Church sold the land on which Mr Ruparelia’s exclusive Kabira Country Club sits for Shs6.75 billion. The businessman still has to pay Shs450 million.
Other lucrative pieces of real estate that have been sold include Ndejje University (Shs1.1 billion), the area occupied by Bukoto Market (Shs780 million), land in the upscale city suburb of Buziga (Shs1.7 billion), other land in Bugolobi (Shs600 million), land in Bukedi Diocese in Busia (Shs450 million) and 66 acres on Wamala Road sold at Shs2 billion.
In all, the Church will be able to raise at least Shs6 billion which, in addition to Mr Sudhir’s money, is more than 30 per cent of the Shs40.75 billion that was budgeted for the completion of the 15-storey building located at the junction of Kampala Road and Dastur Street in the central business district.
When contacted, the Provincial Secretary, the Rev. Canon George Bagamuhunda, confirmed the sale of the above assets. He said the Church is aiming at paying off a Shs7.5 billion debt obtained from Equity Bank.
“We did sell the assets to raise 30 per cent of capital needed to put up the building. We also need to clear the loan as quickly as we can so that we can move on. There is no reason we should keep a loan for other leaders to find,” Canon Bagamuhunda told Daily Monitor.
He added: “For the money collected from individuals, since the resolution has been passed, the bishops in their respective areas can begin implementing.”