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Suncorp has officially sold the LJ Hooker real estate business back to the Hooker family for $67 million.
As well as the $67 million from the sale, Suncorp will realise $15 million in cash from pre-completion dividends.
In 1989, the real estate business collapsed and was sold to Suncorp. Last financial year, it made an $8 million pretax contribution to the Suncorp profit.
New executive chairman Leslie Janusz Hooker said he was excited to be moving forward with the company and was proud the family would be once again leading the business.
“I am committed to maintaining LJ Hooker’s position as the leading real estate brand in the country, and will be investing heavily in a business plan that will deliver further on the legacies of my grandfather,” Mr Hooker said.
“I thank Suncorp for taking care of the business and commend them for expanding the L J Hooker network over the past two decades.”
LJ Hooker was founded in the NSW suburb of Maroubra in 1928 and grew to become one of Australia’s most notable and trusted brands.
There is currently 700 LJ Hooker franchises in Australia, New Zealand and 10 Asian countries.
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