Hooker sold to investment syndicate
Suncorp looks likely to sell its real estate and mortgage origination business, LJ Hooker, to an investment syndicate that includes the grandson of the network's founder, The Australian reported.
The financier will sell LJ Hooker for around $67 million, the newspaper reported.
Suncorp confirmed to the newspaper that it was in exclusive negotiations with Janusz Hooker, who is the managing director of the Asian arm of the US-based investment firm, W.P. Carey.
Others reported to have expressed interest in the firm include Mortgage Choice and Aussie Home Loans.
LJ Hooker, with 700 real estate outlets in the network, has produced disappointing earnings for Suncorp over the years and probably introduced little new home loan business. Hooker contributed $5 million to the June 2009 half-year profit of Suncorp, up from $3 million in the December 2008 half year. Hooker contributed $14 million in the year to June 2008.