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Suncorp to sell Hooker to Hooker

by Staff Reporter7 minute read
The Adviser

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.

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