This article is from the Australian Property Journal archive
QUEENSLAND bank Suncorp has sold the real estate brand LJ Hooker back to the Hooker family.
Leslie Janusz Hooker, the grandson of the founder of the company, Sir Leslie Joseph Hooker yesterday bought back for $82 million. This is comprised of $67 million cash and approximately $15 million cash from pre-completion dividends.
The transaction includes the LJ Hooker real estate franchise business and the LJ Hooker mortgage broking business.
Suncorp Group Executive for Strategy and Corporate Services Stuart McDonald said the transaction represented an excellent outcome for Suncorp shareholders and the LJ Hooker business.
“Suncorp has received numerous approaches for LJ Hooker over the past few years but this proposal offered an attractive price for Suncorp shareholders as well as an excellent outcome for the LJ Hooker business and real estate network,” he said.
The agency was founded by Sir Leslie Hooker who opened the first LJ Hooker real estate agency in Maroubra, New South Wales, in 1928.
Suncorp purchased the company in 1989 and subsequently sold all company-owned commercial real estate offices to Knight Frank Australia in exchange for a 43% stake in Knight Frank Australia.
In June 2000, Suncorp sold its stake in Knight Frank Australia to its UK parent company.
Yesterday his grandson said, “Today marks a new chapter in the company’s 80-year-old history – I am sure my grandfather would be proud to see the company he founded back under the leadership of a member of the family,”
Hooker will become executive chairman of LJ Hooker, with Alan Lambert continuing as managing director. A new board of directors will be announced shortly, comprising highly respected and experienced business people.
Hooker said he planned to further develop the LJ Hooker business.
“It has long been an ambition of mine to reconnect with the business my grandfather founded and to be part of its future development and growth,” he concluded.
Australian Property Journal
