LJ Hooker buys out Harveys real estate

The New Zealand-owned, 31-office Harveys real estate business has been sold to expanding Australian-headquartered agency chain LJ Hooker.

L. Janusz Hooker, chief executive officer and grandson of the founder, said yesterday his business wanted to grow and the Harveys purchase was a big step.

Before the deal, LJ Hooker had 56 New Zealand offices. It sells 40,000 houses annually here and in Australia.

John Darrow, head of marketing at L J Hooker in Sydney, said the Harveys name would gradually disappear during the next 12 months.

"This expands our footprint in New Zealand but our plan is to become a top-three player in the next two years," Darrow said.

Janusz Hooker said the deal to buy the Harveys chain and raise the number of New Zealand LJ Hooker outlets to 87 did not need Overseas Investment Office approval.

"It's not too small in terms of real estate, but it's way too small in dollar terms," Hooker said, referring to the OIO's $100 million threshold where deals of that value must get state approval.

To read the full NZ Herald article, click here

Posted: 4 Nov 2010

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