Archive | LJ Hooker

World property Wed14Oct15 – LJ Hooker IPO, Goodman UK fund, Silk Road forum

LJ Hooker starts work on an IPO
Goodman forms £600 million UK partnership with Canadian & Dutch pension funds
Forum to promote new Silk Road

LJ Hooker starts work on an IPO

Australian real estate agency LJ Hooker, which also operates in New Zealand, has begun the funding round for an initial public offering which could lead to the business being floated, Australian media reported this week.

However, the Australian Financial Review’s Street Talk column said on Monday an ASX listing wasn’t likely until early next year. According to Street Talk, Hooker was looking to raise about $A20 million to make acquisitions and invest in LJ Hooker franchisees.

The Australian said yesterday the IPO could be worth $A300 million. It comes as rival agency McGrath Real Estate works towards an $A200 million float towards the end of the year.

The group which Les Hooker (eventually, Sir Les) launched in 1928 returned to family ownership in 2009 when his grandson, Leslie Janusz Hooker, bought the real estate network & mortgage broking business from Suncorp Metway Ltd for $A82 million. It has over 700 franchise offices, sold $A19 billion of property last year and increased its pool of properties under management to 130,000. The group expanded in New Zealand a year later, buying Harveys (NZ) Ltd from Ross Barraclough & Ross Hunter.

Links: Australian Financial Review, LJ Hooker in pre-IPO cash call 
11 October 2015, Property Observer: LJ Hooker readies for 2016 IPO
13 October 2015, The Australian: LJ Hooker IPO to test investor mettle

Earlier stories:
4 November 2010: LJ Hooker buys Harveys
19 October 2009: Suncorp sells Hooker to founder’s grandson

Goodman forms £600 million UK partnership with Canadian & Dutch pension funds

Goodman Group has formed a £600 million partnership with the Canada Pension Plan Investment Board & APG Asset Management NV to invest in UK logistics & industrial development opportunities.

The combined equity (£200 million each) in the Goodman UK Logistics Partnership will give it a £1 investment capacity. Goodman said last week the initial portfolio comprised 2 developments in proven logistics locations near London & Birmingham, for a combined 54,812m².

Goodman chief executive Greg Goodman said: “With a flexible strategy in place, the partnership will be able to undertake a wide range of investment styles, including development, value-add & core investment.

“We welcome APG & CPPIB into this new partnership, which continues to demonstrate our successful capital partnering approach and the strong support we have from leading global investor groups.”

Sydney-based Goodman Group has operations throughout Australia, New Zealand (through the Goodman Property Trust & separately), Asia, Europe, the UK, North America & Brazil. The Canada Pension Plan Investment Board is governed & managed independently of the Canada Pension Plan and at arm’s length from governments. It had $C268.6 billion invested at 30 June on behalf of 18 million contributors & beneficiaries.

APG Asset Management NV is a Dutch pension fund asset manager which manages €400 billion of assets for 4.5 million active & retired participants from the public & private sectors, representing over 30% of all collective pension schemes in the Netherlands.

Forum to promote new Silk Road

China’s ambition to revive the old Silk Road as a new economic route across central Asia gets a new lift this week with a 2-day forum organised in Georgia’s capital Tbilisi.

Georgian Prime Minister Irakli Garibashvili, supported by the Chinese Government, called for the forum to promote the sharing of ideas, experiences & expertise along the revived Silk Road & beyond. Georgia enjoys free trade with its neighbours & the European Union.

Topics for debate will include opportunities for enhancing trade & economic co-operation, transport & infrastructure, trade facilitation, pipelines & electricity trading across borders and investment opportunities.

Speakers will come from Georgia, the Czech Republic, Afghanistan, Kazakhstan, China’s Xinjiang Uygur autonomous region, the US, the Asian Development Bank, European Investment Bank, World Trade Organisation & United Nations Economic Commission for Europe.

Earlier story: World property T2Jun15 – Stepping stones across Central Asia

Attribution: AFR, The Australian, Property Observer, Goodman Group, Georgian Government

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

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LJ Hooker buys Harveys

Published 4 November 2010

Australian real estate firm LJ Hooker Ltd has expanded in New Zealand by buying Harveys (NZ) Ltd from Ross Barraclough & Ross Hunter.

Chief executive L Janusz Hooker – grandson of founder Les Hooker –  said it was the first major acquisition since he led a consortium of private investors to acquire LJ Hooker from Suncorp last November.

“The acquisition follows several recent executive appointments to the company and demonstrates LJ Hooker’s commitment to increasing its Australasian footprint and establishing itself as the market leader in the region.

“Today’s announcement underpins our commitment to New Zealand and is part of a larger strategic plan to strengthen our leadership position in this key market.

“We recognise the tremendous 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.”

Harveys director Ross Hunter said: “There are natural synergies between our 2 organisations and this union of brands will leverage the existing strengths within each to provide a solid foundation for growth.

“LJ Hooker is an iconic brand in the region and we are confident this deal will provide us with the scale to become New Zealand’s leading real estate company.”

Under the terms of the agreement, LJ Hooker assumes the role of franchisor service provider

to the Harveys franchises, effective from 1 November.

This announcement follows the recent appointment of Wayne Graham as executive chairman of LJ Hooker New Zealand.

Want to comment? Go to the forum.

 

Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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Suncorp sells Hooker to founder’s grandson

Published 19 October 2009

Suncorp Metway Ltd has agreed to sell the LJ Hooker real estate network & mortgage broking business to Resurrection Pty Ltd, a company run by founder Sir Les Hooker’s grandson, Leslie Janusz Hooker, for $A82 million. Suncorp will receive about $A67 million in cash for 100% of Hooker Corp, and extract $15 million in pre-completion dividends before the sale. Suncorp will record a one-off accounting profit of about $A50 million pretax in the December half.

 

Mr 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 & growth.”

 

He said its expansion would continue, “especially in terms of our international representation, given LJ Hooker already has a growing presence in the Asia Pacific region and my own extensive business experience in Asia, especially China.”

 

Suncorp bought Hooker Corp in 1989, then sold all company-owned commercial real estate offices to Knight Frank Australia in exchange for a 43% stake in Knight Frank Australia. In 2000, Suncorp sold its stake in Knight Frank Australia to its UK parent company.

 

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Attribution: Suncorp release, story written by Bob Dey for the Bob Dey Property Report.

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Hooker takes new line on recruitment

Published: 23 August 2005


Real estate agency LJ Hooker has launched a campaign on both sides of the Tasman to recruit better qualified salespeople, and to keep them longer.


Michael Davoren (left), who established LJ Hooker in New Zealand 7 years ago after the takeover of Challenge Realty Ltd and is now a director of the New Zealand subsidiary and of the group’s international business development, and local associate director John McTavish (right) said at the launch of their Test drive a career in real estate the industry had an 80% first-year attrition rate.



“Thousands of people enter the real estate industry every year with little or no idea of what it involves. Over the last couple of years it really has looked easy – but as soon as the market changes they discover there’s a lot more to it,” Mr Davoren said.


“This fundamental misunderstanding of their role is a major reason for the fallout.”



Mr Davoren said LJ Hooker Business Solutions established the future champions programme and turned the 80% round from an attrition rate to a retention rate. The test-drive programme is a website questionnaire aimed at maintaining that high retention rate.


He said 74% of the people taking part in the future champions programme succeeded, averaging 2½ times the industry standard for first-year sales.


Website: LJ Hooker


 


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