Railway firm Tokyu Corp. said Friday it will sell 85.03 percent of wholly owned travel subsidiary Tokyu Tourist Corp. to Activ Investment Partners Ltd. for 2.49 billion yen.

The move forms part of a groupwide strategy to emphasize its mainstay railway operations and real estate business.

Tokyu will own the remaining 14.97 percent of Tokyu Tourist after the sale, which will take place Wednesday.

Tokyu Tourist President Norihiko Nomizo will step down and be replaced by Managing Director Ieharu Kaneko.

Tokyu Tourist will retain its corporate name for the time being and concentrate on services for corporate customers.

Sources said most of the board members operating under a new management team led by Kaneko will come from Activ.

They added that Activ aims to relist Tokyu Tourist shares within five years.

The company was delisted from the first section of the Tokyo Stock Exchange late last year and is undergoing major restructuring.

"Tokyu Tourist is operating under the constraints of limited management resources of the Tokyu group. The potential value of the company will come to the surface with our funds," according to an Activ official.

Established in 1956, Tokyu Tourist has a capital of 7.14 billion yen, with 107.19 million outstanding shares.

It had a workforce of 1,363 at the end of last year.