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Mak Unlocks its Financial Potential through Property Investment

  • In General
  • 6 Dec 2017 - 4:55pm
  • By Mark Wamai
  • 792
Chair Council-Eng. Dr. Charles Wana-Etyem (6th R) flanked by Deputy Chair-Hon. Irene Ovonji-Odida (6th L), Mak Holdings Board Chair-Mr. Charles Mbire (5th R), Vice Chancellor-Prof. Barnabas Nawangwe (5th L), Members of Management, Mak Holdings Board, partners and prospective Investors during the Investor Conference, 5th December 2017, Kampala Serena Hotel.

On 5th December 2017, hundreds of potential investors convened at Serena Hotel Kampala to participate in the Makerere University Property Investor Conference organized by the Makerere University Holdings Limited (Mak Holdings Limited).

Officially opened by the Chancellor Prof. Ezra Suruma represented by the Chairperson of Council Eng. Dr. Charles Wana Etyem, the conference attracted national, regional and international property development stakeholders including financiers, developers, advisors, fund managers, investment managers and introduced them to grand investment opportunities of more than 32 acres of Makerere University Prime land that awaits development. The prime land is located in three areas of Kampala that is the Main Campus, Kololo and Makindye; upscale of the Kampala suburb.

Chaired by Dr. Charles Mbire, the Mak Holdings Limited Board of Directors consists of the following members: Mr. Charles Ocici, Prof. William Bazeyo, Ms. Ruth Biyinzika Musoke, Mr. Dan Kasirye, Dr. Winifred Tarinyeba-Kiryabwire and Dr. Gorrettie Nsubuga Nabanoga.

L-R: Chair Council-Eng. Dr. Charles Wana-Etyem, DVCFA-Prof. William Bazeyo and Vice Chancellor-Prof. Barnabas Nawangwe share a light moment during the Investors Conference

Addressing investors at the conference, Dr. Charles Mbire said that Makerere University is looking for potential investors who have the key to unlock the University investments to enable the proposed projects to take off. “We are looking for bidders to bring forward innovative plans for financing and implementing the project, including investment of their own or in collaboration with others, to maximize the project benefits,” he said.

The projects are envisaged to diversify the university financial resources and transform the institution into a modern university of the 21st century.  The projects to be undertaken include;
Project 1: Conference Centre and 3-Star Hotel at the current Makerere University Guest House
Project 2: 5 Star Luxury Hotel, Commercial Centre and Upmarket Apartments – Kololo
Project 3: Gated Community and Upmarket Apartments – Makindye
Project 4: Student Accommodation at Makerere University Main Campus
Project 5: Student Centre at Makerere University Main Campus among others

Dr. Mbire remarked that the property development shall be undertaken by means of private sector participation and investment and Mak Holdings Limited is duly mandated and authorized to evaluate, procure and oversee the projects.  The envisaged project structure is for a development lease of 49 years with a lease premium and annual lease paid up by the project company.

L-R: Dr. Gorettie Nabanoga, Ms. Ruth Biyinzika Musoke, Mr. Cyriaco Kabagambe, Prof. Edward Kirumira, Eng. Christina Kakeeto, Mr. Frank Kitumba at the Investors Conference

The Project will be implemented as a developmental lease contractual arrangement wherein the private proponent will be required to design, construct and finance the project facilities and assume construction related risks arising from cost overruns, delays and other performance risks connected to construction.

“This is a Build, Operate and Transfer venture where after 49 years, all the developments on the land will be transferred to Makerere University.  The investors are expected to recover their capital investment on the land between 7-10 years and start enjoying the profits for the rest of the years,” he said.

In a speech read by the Chairperson of Makerere University Council, Eng. Charles Wana Etyem, the Makerere University Chancellor Prof. Ezra Suruma, commended the move by the University to diversify the resources through private-public investor partnerships.  

“At Makerere University, we are renowned for teaching; our academic skills and talent are commendable.   However, with this conference we want to chart out new territories that will ensure that the University which is at the forefront of Uganda’s Innovation can reach its full financial potential,” he said.  

Some of the Bidders and their representatives that attended the First Ever Makerere University Property Investor Conference, 5th December 2017, Kampala Serena Hotel

The Chancellor recognized the visionary leadership of Eng. Dr. Charles Wana Etyem during the process of resourcing finance for the University. He thanked Prof. Nawangwe and the Management team for setting a new precedent in the great history of Makerere University and the country at large. He thanked the Chair Board Mak Holdings Limited Dr. Mbire as well as the Planning and Development Department for the milestone and great contribution towards a successful investor’s conference.

Over the past few decades, Makerere University has been facing financial challenges amidst abundance of resources. According to the Vice Chancellor Prof. Barnabas Nawangwe, Makerere University has for so many years depended on Government and donor funding which is inadequate given the enormous resources required to implement University activities.

According to Prof. Nawangwe, there is a need for Makerere University to revamp its financial resources and ensure that the institution becomes financially sustainable if it is to transform into a modern university.

Makerere University is one of the best universities in Africa and world at large. We pride to be the top research institution in Africa, we are destined to be the prime movers of our country and our continent however, we can only do that when we are financially stable,” the Vice Chancellor said.

The Cake cutting ceremony at the Property Investor Conference was carried out by Prof. Barnabas Nawangwe, Hon. Irene Ovonji-Odida, Eng. Dr. Charles Wana-Etyem and Dr. Charles Mbire as L-R: Prof. William Bazeyo, Dr. Gorettie Nabanoga, Ms. Ruth Biyinzika Musoke, H.E. King Caesar Augustus Mulenga and Dr. Charles Ibingira witness during the Investors Conference

The Acting Deputy Vice Chancellor in charge of Finance and Administration, Prof. William Bazeyo welcomed the investors and assured them of the university support and necessary information they need during the process of securing investment bids and proposals.

“I would like to assure you that the project potential is big and we will do anything possible to make sure that you find minimum constraints in these projects.  As the Management we are ready to work with you, as we transform Makerere University and Uganda at large,” he said.

In a presentation, Judy Rugasira Kyanda, the Managing Director of Knight Frank-a leading independent real estate consultancy in Uganda, said there is potential for viable investment on all Makerere University land and properties.

Article By: Mak Public Relations Office

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