Property advisory company Anarock acquires Indian arm of LJ Hooker
Anarock Property Consultants, a property advisory firm founded by former JLL India chairman Anuj Puri, on Wednesday said that it had acquired Redwoods, the Indian arm of Australian real estate franchiser LJ Hooker, for an undisclosed sum.
Anarock will absorb all the employees of Bengaluru-based Redwoods as part of the acquisition, it said in a statement. Headquartered in Alexandria and New South Wales in Australia, LJ Hooker sells, buys and provides consulting services on real estate in eight countries.
“The acquisition of LJ Hooker’s Redwoods is in line to our overall business strategy and will help us augment our operations across key southern markets,” Anarock chairman Anuj Puri said in a statement.
He said the acquisition would help his firm serve both business-to-business (B2B) and business-to-consumer (B2C) clients.
Launched in June, the company said it expects to earn revenue of over Rs100 crore by the end of this calender year. It plans to achieve revenue of Rs250 crore in 2018.
Anarock currently employs around 750 people across eight cities in India including Mumbai, Chennai, Bengaluru and Gurugram, and in Dubai and expects to cross 1,000 employees by the end of this year.
In June, Puri also announced the launch of the company’s real estate investment and fund platform with plans to invest Rs300 crore in residential real estate projects.
On 26 June, Mint reported Anarock had bought two private equity funds worth Rs460 crore from Puri’s former employer, JLL.
The two funds are the Rs160 crore Residential Opportunities Fund-i and the Rs300 crore Residential Opportunities Fund-2.