In one of Uganda’s most recent consequential commercial real estate deals Yasser K. Ahmed—the Lebanese billionaire investor behind top Ugandan brands Riham and Biplous—has acquired the iconic Lugogo Mall, previously home to Shoprite and Game Stores. The mall, which has since been rebranded to YK Lugogo Mall, is undergoing an extensive facelift and expansion aimed at transforming it into a modern, multi-utility lifestyle hub.
According to knowledgeable sources close to the deal, the transaction was concluded between late 2023 and early 2024. The property was at the time of sale valued in the region of USD20 million according to knowledgeable sources,, making the deal one of the largest privately executed retail property acquisitions in Uganda’s post-COVID economy.
A Landmark Transitions to New Ownership
Strategically located in Lugogo, Nakawa Division, the mall has for nearly two decades been a flagship retail destination for Kampala’s middle and upper classes. South African retail giants Shoprite and Game Stores opened their doors in the early 2000s and 2004 respectively at the mall that they jointly owned. But both eventually exited the Ugandan market—Shoprite in August 2021 and Game in October 2022—citing strategic realignments, rising operational costs, and increasing local competition.
Facelift with Tenants Intact
Following the acquisition, the mall is now undergoing a major facelift and partial expansion, executed by a private construction team commissioned by Ahmed. Importantly, the renovations have been structured to ensure minimal disruption to current tenants, who remain fully operational throughout the transition.
The revamped YK Lugogo Mall is set to combine architectural modernization with expanded utility, while retaining high-profile occupants such as CJ’s Restaurant, Absa Bank, dfcu Bank, China Town, and Carrefour—the French multinational that has quickly scaled up as a preferred supermarket chain in Uganda.
Inside Yasser K. Ahmed’s Expanding Empire
Though Lebanese by nationality, Yasser K. Ahmed has lived and invested in Uganda for decades, growing one of the country’s most influential business portfolios across beverages, furniture, real estate, and diplomacy.
He is best known as Co-Founder and Chairman of Hariss International, the company behind Riham, Uganda’s No.3 non-alcoholic beverage brand. The company’s 45,000m² production plant in Kawempe produces over 120 million litres annually, covering soft drinks, bottled water, juices, energy drinks, and biscuits. In 2022, Oppenheimer Partners, the family office of Africa’s top-10 billionaires Nicky and Jonathan Oppenheimer, acquired a 75% majority stake, affirming the company’s regional value.
Ahmed also owns a significant stake in Biplous Uganda Ltd, a furniture and interior solutions company founded in 1983. From a textile shop on Kampala Road, Biplous has evolved into a national leader in home, office, and custom-built furniture, operating large-format showrooms in Kampala and promoting sustainability, inclusive hiring, and high-end craftsmanship.
How Stanbic Bank CFO Ronald Makata Blends Governance, Technology and Human Leadership to Drive PerformanceIn addition to his business ventures, Ahmed serves as Honorary Consul of Lebanon in Uganda, combining entrepreneurial drive with diplomatic presence.
Strategic Entry into Retail Real Estate
The acquisition of Lugogo Mall—and its rebranding to YK Lugogo Mall—marks a strategic diversification of Ahmed’s portfolio into retail property ownership and urban development. The move positions him among a growing cohort of regional investors reshaping East Africa’s commercial spaces in the post-pandemic era.
With Uganda’s retail landscape shifting from foreign dominance to regionally managed, experience-driven destinations, the new YK Lugogo Mall reflects a blueprint for modern, inclusive urban spaces—balancing retail, banking, hospitality, and cultural utility under one roof.
Recent High-Value Real Estate Acquisitions
YK Lugogo Mall now joins a string of high-profile property transactions reshaping Kampala’s commercial real estate scene:
- Acacia Mall, one of Uganda’s most premium retail centres, was sold by Alykhan Karmali (Mukwano Group) to Lexington Properties, a Dubai-based firm, in a deal concluded around early 2023.
- Simbamanyo House, a prominent office building on Lumumba Avenue, was auctioned by Equity Bank in October 2020 due to loan defaults and acquired by Meera Investments (Ruparelia Group) for USD 5 million.
- More recently, Lotis Towers—a modern high-rise in Kampala’s CBD—was also acquired by the Ruparelia Group at USD6 million, further consolidating the billionaire Sudhir Ruparelia’s dominance in prime commercial real estate.
These deals signal growing investor confidence in Uganda’s urban real estate and reflect an ongoing trend of consolidation among regional and international property magnates.
From fizzy drinks and biscuits to furniture and now landmark retail infrastructure, Yasser K. Ahmed is steadily building a legacy of bold, strategic investment across Uganda. With an estimated USD 20 million acquisition and a clear vision for revitalising YK Lugogo Mall, he is helping shape the future of consumer and commercial space in Kampala.
As one era ends with the departure of Shoprite and Game, another begins—with new energy, new branding, and a billionaire’s vision stitched into every corner of the mall now known as YK Lugogo Mall.
