Consensus, which will be run by Vincent Tchenguiz, will take over the group's 110,000-property ground rents business, the £350 million ($550 million) Hilton hotel portfolio and a range of defence and procurement businesses.
R20, headed by Robert Tchenguiz, will run Rotch's £280 million ($440 million) portfolio of BT properties and the company's stakes in pub chain, Pubmaster, and in the Odeon cinema chain.
Rotch will retain what remains of the group's 800 properties including trophy buildings like West LB's £280 million ($440 million) City headquarters and the £350 million ($550 million) Shell-Mex house.
The Iranian-born brothers set up Rotch in 1982 and built it into a £4bn ($6.3 billion) company. But industry insiders suggest the dramatic growth of the group and its diverse interests have made it unwieldy and the time is ripe for restructuring.
On the face of it, the money spinner is property. But the empire has been built on the use of debt and the efficient re-cycling of debt through complex capital structures. The rental income Rotch receives from tenants covers its interest payments and leaves some profit. On top of that the company takes any additional value from increases in property values.
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