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Box Hill
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Mollymook
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Brightwaters
79.93%
Cleve
78.13%
Bawley Point
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Murrays Beach
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Suncorp to sell Hooker to Hooker

By Staff Reporter
24 September 2009 | 1 minute read

Suncorp looks set to sell its stake in the real estate chain LJ Hooker to the founder’s grandson Janusz Hooker.

The deal, which is widely expected to be completed this week, comes as Suncorp attempts to distance itself from the property sector.

A Suncorp spokesperson told The Australian that the bank is currently looking to exit large scale commercial property lending because wholesale funding costs were higher due to the global financial crisis.

The spokesperson said the move was in line with decisions by other banks.

Some of the Queensland bank’s customers said they are currently being told to renegotiate their commercial property loans by October 2011.

Suncorp confirmed yesterday that it was currently in negotiations with Mr Hooker for the sale of the real estate chain – for a sum thought to be around $67 million.

Mr Hooker, who heads the Asian operations of US based private equity firm WP Carey, will expand the real estate chain throughout Asia.

Suncorp to sell Hooker to Hooker
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.