Deutsche Bank and Nomura are teaming up to lead a second flotation of a Russian real estate company in less than six months after winning the mandate to list PIK Group, a residential property developer with a portfolio worth nearly $9bn (€6.6bn).

Last November, the two banks worked together on the $2.1bn flotation of Russian conglomerate Sistema's real estate business, Sistema Hals. Morgan Stanley will join them in leading the PIK flotation, which is expected to raise $1.5bn.