LJ Hooker expected to be sold by end of 2014

LJ Hooker is on the market, with investment bank Lazard assisting the real estate agency network to sell the business.

The real estate agency consists of 700 franchises across New Zealand and Australia.

LJ Hooker’s chairman, Greg Paramor, confirmed Lazard's appointment to The Australian, saying that the sale process should be completed by the end of 2014.

No price guidance has been given, but it was previously purchased in a lesser state in 2009 for around $67 million.

How much it may sell for today, however, is anyone’s guess.

The official statement from LJ Hooker provided to Property Observer notes that when the company was acquired from Suncorp in late 2009 it was done so by an investment group with a horizon of three to five years, and with the time period approaching they have appointed the corporate adviser.

It notes that the majority of the shareholders remain committed to LJ Hooker and that for the brand it's "business as usual".

While the outcome could potentially be one purchaser, sources say it's more likely the case that a number of investors would buy in.

The group has had approaches from local and offshore parties, including private equity, the Australian Financial Review reported mid-week. 

LJ Hooker, founded by the legendary Sir Leslie Hooker in 1928, is one of the nation’s best-known brands.