Nordic private equity group Capman said on Wednesday that it is selling its real estate consulting business to a consortium led by former Capman director Markku Hietala, and including partners Matti Karlsson, Vesa Olkkola, and Pasi Nieminen.

The business will be renamed Realprojekti on closing of the transaction, which is expected on 30 June.

'The divestment will clarify Capman's real estate organisation and improve the efficiency in managing and developing of our real estate fund management business in the future,' said Mika Matikainen.

The transaction covers Capman Real Estate's property development and planning, commercial consulting and letting, project and construction management, and shopping centre management operations. A total of 21 real estate consulting specialists will transfer to the new Realprojekti Oy.

Markku Hietala, who has served as head of the Capman Real Estate, has been appointed managing director of the new company and will retain a consultancy role at Capman Real Estate.

Following the sale, Capman Real Estate's 21-person team will concentrate on managing the company's real estate funds. Capman's partner Mika Matikainen has been appointed head of the Capman Real Estate team as of 1 July 2011, replacing Markku Hietala.

Capman and Realprojekti will continue to cooperate in developing Capman's real estate properties as before.

'The transaction will give the consulting business the opportunity to develop as an independent company,' said Markku Hietala, adding that the move aims 'to strengthen the company's core competences'. 'Capman will remain an important partner and customer for the new company,' he added.