Thu, 12/07/2018 - 10:38
Nomura Real Estate Holdings (NREHI) has agreed to make a strategic investment in Lothbury Investment Management Group Limited (LIM), an experienced UK real estate investment manager.
Under the terms of the agreement, NREHI will acquire a majority interest of 75 per cent in LIM, with the balance of 25 per cent to remain in the ownership of the LIM management team.
This marks the first step for NREHI and its JPY1.4 trillion (GBP9.2 billion) investment management business, Nomura Real Estate Asset Management Co (NREAM) to expand its operations overseas, and a significant development for Nomura Real Estate Group in strengthening its global footprint following business investments in Vietnam, Thailand, China and the Philippines.
LIM, which has GBP2.1 billion of AUM, specialises in managing property portfolios across a range of funds, including its flagship Lothbury Property Trust. The business has over 110 high profile clients including corporate and public-sector pension funds, insurance companies, charities, private banks and other institutional clients. The company will continue to operate under the Lothbury and LIM brand under the leadership of Simon Radford, Chief Executive. The LIM management team will remain responsible for the day-to-day operations of the business and retain full autonomy over its investment strategies.
“Our investment in and partnership with LIM is a significant strategic move for our global investment management business. We 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,” says Eiji Kutsukake, President and CEO of NREHI.
“We are very excited to be joining the Nomura Real Estate Group, whom we believe are the ideal partner to further develop our business. Having 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’ investors,” says Simon Radford, Chief Executive of LIM.
The transaction, which is expected to close before the calendar year end, is subject to customary regulatory approvals and closing conditions. The financial terms of the transaction have not been disclosed.
Deloitte Tohmatsu Financial Advisory LLC and Linklaters acted for NREHI and Spencer House Partners and Travers Smith acted for LIM.
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