Prop­erty ad­vi­sory com­pany Anarock ac­quires In­dian arm of LJ Hooker

Mint ST - - DEALS - BY BIDYA SAPAM bidya.s@livemint.com MUM­BAI

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.

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