Australasian real estate firm LJ Hooker buys Kiwi real estate company Harveys

Comments Off | 11-4-2010

Kiwi real estate firm Harveys has been acquired by Australasian firm LJ Hooker. LJ Hooker announced the deal Wednesday, with it the acquisition of the local Kiwi company. The investment is LJ Hooker’s first acquisition since a group of private investors bought LJ Hooker from Suncorp. The consortium of private investors was led by chief executive officer L. Janusz Hooker.

Mr. Hooker said the investment represents the firm’s commitment to New Zealand and is comes as part of a larger strategic plan to reinforce its leadership position in key markets, such as New Zealand’s. LJ Hooker is cognizant of the immense value Harveys will bring to the LJ Hooker family given its 92 year history and its standing as one of the most respected real estate brands in New Zealand, said Hooker.  Ross Hunter, Harveys director said there are natural synergies between the two organizations and this union of brands will leverage the existing strengths within each to provide a solid foundation for growth.

The combined New Zealand network places LJ Hooker as one of the largest Real Estate Franchise groups in New Zealand. Under the terms of the agreement, LJ Hooker assumes the role of franchisor service provider to the Harveys franchises effective from November 1, 2010. This announcement follows the recent appointment of Wayne Graham to the position of executive chairman of LJ Hooker, New Zealand. The purchase was funded from his company’s balance sheet, Mr. Hooker said.

Hooker said his firm is in a very strong position financially and has a very aggressive growth strategy. According to him, this investment is by no means the firm’s last. It strategizes to undertake additional investments to bolster its offering in the region. That strategy was focused on Australia and New Zealand and growth would be achieved by organic means and by acquisition, he said.

This is a first move LJ Hooker is making and has a long list of single offices, as well as groups of offices in New Zealand the firm is having discussions with, Mr. Hooker said. The market is at the low end of the cycle so it was an excellent time to step forward, he added.

L.J. Hooker is an Australian real estate franchise currently owned by Janusz Hooker, the grandson of founder Sir Leslie Hooker. L.J. Hooker’s main business is selling residential dwellings to owner occupiers, while most offices also offer a portfolio of managed commercial and residential properties for rent.

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Posted in Foreign Direct Investment/FDI New Zealand, General, Real Estate New Zealand |

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