Terra Firma Capital Partners has hired Citigroup to find new investors in Deutsche Annington, a German real estate business, after majority shareholder Nomura decided to sell its stake.

The buy-out group, led by Guy Hands, manages Deutsche Annington on behalf of Nomura and Citigroup, which will act as placement agent for the sale. Nomura acquired an 85% stake in the real estate group at the end of 2000 through Nomura Principal Finance, the predecessor to Terra Firma.