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LONDON-Japanese bank Nomura is looking to sell and leaseback its London headquarters in a bid to take the 300,000 sq ft building off the balance sheet.

The company is considering leases of between 15 and 30 years and industry insiders estimate that with such a deal Nomura would have to pay £13.5 million ($20.5 million) a year in rent.

The building, reconstructed behind its original stone façade by joint developers Kumagai Gumi and Glengate, was bought by Nomura in 1986 for £125 million ($190.7 million). The London block is the only office outside Japan that Nomura owns.

The move by Nomura reflects a growth in the amount of investment stock in the City and the West End starting to come onto the market. In the City NPI’s long leasehold on the 13,010 sq m Stonecutter Court on Stonecutter Street is available for around £79 million ($120.5 million).

Meanwhile in the West End the Ministry of Defence is looking to sell its 13,060 sq ft Northumberland House, WC2, which along with the neighbouring Metropole Building and two smaller properties, is being vacated and sold as part of a property reorganisation.

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