SUNCORP has confirmed it has sold its LJ Hooker real estate chain business to Janusz Hooker - the grandson of founder Sir Leslie Hooker - for $67 million.

As flagged by The Australian last month, Mr Hooker will acquire Hooker Corp Ltd, which includes the LJ Hooker real estate franchise business and the LJ Hooker mortgage broking business, for $67m cash and pay $15m for the dividends Suncorp is entitled to from the operating profit for the financial year to date.

Mr Hooker, an Olympic rowing bronze medallist, will step down as th Asian head of US-based private equity firm WP Carey, to take up the executive chairman role for the real estate business.
He said he planned to expand the business throughout Australia and Asia.

The real estaste business, which was purchased by Suncorp in 1989, has been on and off the market for at least a year and was tipped to be targeted by Mortgage Choice.

LJ Hooker operates 700 real estate franchises in Australia and the Asia-Pacific.

Suncorp said a one-off accounting profit of $50m before tax will be reported in Suncorp's financial results for the half year for to 31 December 2009.

Mr Hooker's grandfather, Leslie Hooker, founded LJ Hooker in 1928, opening the first office in Sydney's Maroubra.

As well as being Australia's second-largest commercial agency, LJ Hooker is one of the oldest.

The family sold out of the company in the late 1970s before the company went into liquidation after the property crash of the late 1980s under the ownership of George Herscu. It was purchased by Suncorp in 1989.