Japanese real estate firm Nomura Real Estate (NREHI) has expanded its operations overseas with the acquisition of a majority stake in a 拢2.1bn (鈧�2.4bn) UK real estate asset manager.
The listed firm said it has agreed to buy a 75% interest in Investment Management Group for an undisclosed sum.
LIM, which has 拢2.1bn of assets under management, specialises in managing property portfolios across a range of funds, including its flagship Lothbury Property Trust.
Eiji Kutsukake, president and CEO of NREHI, said: 鈥淥ur investment in and partnership with LIM is a significant strategic move for our global investment management business.
鈥淲e are excited about the opportunities we can explore together with LIM, with its outstanding investment capabilities in the UK and its long-standing reputation among UK and international institutional investors鈥�
This marks the first step for NREHI and its JPY1.4trn (鈧�10.4bn) investment management business, Nomura Real Estate Asset Management to expand its operations overseas.
Simon Radford, the chief executive of LIM, said: 鈥淗aving the institutional support, international property expertise and distribution channels of Nomura Real Estate Group will enable us to enhance further the operational and investment capabilities of our firm, and, most importantly, ensure that we continue to deliver leading investment performance to our Funds鈥� investors.鈥�
LIM management team will own the remaining 25% stake. The company will continue to operate under the Lothbury and LIM brand under the leadership of Radford.
