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Tycoon John Bosco Muwonge has bought Mukwano Arcade, one of the preeminent commercial buildings in downtown Kampala.
Reports show that he acquired the building for Shs250 billion.
The building, which is located on Ben Kiwanuka Street, belonged to the Mukwano Group of Companies.
Also known as Ntere Nfune, the businessman is said to own buildings and businesses on almost every busy street in Kampala, including Nabugabo Street, William Street, Luwum Street, Ben Kiwanuka Street, and Kisekka Street.
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This acquisition adds to his ever-growing empire and places him among the top high-value property owners in the country.
The development follows the recent revelation that Yasser K. Ahmed, co-founder of Harriss International Limited, acquired Lugogo Mall.
The mall currently houses some of Uganda's largest retail outlets, including China Town and Carrefour.
Previously, the mall hosted Game, which was replaced by China Town, and Shoprite, which was replaced by Carrefour.
Ahmed, a Lebanese national, is the chairman of Harriss International, the company behind popular household brands like Riham, Rock Boom, Krystal Water, and Oner.
Harriss International is partially owned by the Oppenheimer family, a wealthy South African family with strong ties to the mining industry.
As part of the acquisition, Lugogo Mall has been rebranded as YK Lugogo Mall.
Yasser K. Ahmed is also the driving force behind Biplous, one of Uganda's leading furniture manufacturers.
In addition, he serves as the Honorary Consul of Lebanon in Uganda.
He co-founded Harriss International, based in Tula, Kawempe, in 2005, alongside Chadi K. Ahmad and Mr. Izzat.