Nomura is back on the pub acquisition trail, with plans for a £300m purchase-and-leaseback of part of the Laurel Pub Company estate.
If successful, the deal would be Nomura's first new venture into the pub market since the departure Guy Hands, who set up the Japanese bank's UK pub investment arm.
However, Nomura has come late to the party and is only one of three bidders for the pubs.
The front runner is said to be London & Regional Properties, with another property company, Rotch, also on Laurel's shortlist.
Laurel is expected to settle on a preferred bidder this week, and will provide further information about the proposed sale to the chosen company.
An announcement on the deal is expected sometime in November.