Travers Smith LLP has advised the shareholders on the sale of 75% of Lothbury Investment Management (Lothbury) to Nomura Real Estate Holdings (Nomura). The executive management team, led by Simon Radford, will retain a 25% stake and continue to manage the day-to-day operations of the business under the Lothbury brand. The transaction is conditional upon regulatory clearances.
Lothbury has £2.1 billion of assets under management and specialises in managing property portfolios across a range of funds, including its flagship Lothbury Property Trust. Travers Smith has acted for the Lothbury team for a number of years including on the tax structuring of its funds and on the acquisition and subsequent letting of a prime logistics facility near Heathrow.
The Travers Smith team was led by Private Equity Partner Will Yates who was supported by Private Equity Associate Richard Hornshaw. Tax advice was provided by Tax Partner Russell Warren, Consultant Rick Stratton, and Senior Associate Jonathan Woodall.
Spencer House Partners LLP provided corporate finance advice to Lothbury. Deloitte Tohmatsu Financial Advisory and Linklaters LLP acted for Nomura.