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Nomura unit takes 75% stake in U.K. real estate manager

Nomura Real Estate Holdings Inc. is acquiring a 75% stake in 2.1 billion ($2.8 billion) U.K. real estate manager Lothbury Investment Management Group, a spokesman said.

The transaction is expected to close before the calendar year-end, subject to customary regulatory approvals. Terms of the deal were not disclosed.

Lothbury manages 2.1 billion ($2.8 billion); Nomura's real estate business, Nomura Real Estate Asset Management Co., oversees 1.4 trillion ($12 billion).

The company will continue to operate under the Lothbury Investment Management brand following completion of the deal; Simon Radford remains its CEO.

"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 U.K. and its long-standing reputation among U.K. and international institutional investors," said Eiji Kutsukake, president and CEO of Nomura Real Estate Holdings, in a news release.