ANAROCK Property Consultants Pvt. Ltd, the real estate venture floated by former JLL India chief Anuj Puri, said on Wednesday it has acquired the local operations of Australian realty broking firm LJ Hooker under the Redwoods brand.
“The acquisition of LJ Hooker’s Redwoods is in line with our overall business strategy and will help us augment our operations across key southern markets,†ANAROCK chairman Puri said in a statement. He added that Bangalore-based Redwoods Projects Pvt. Ltd will provide ANAROCK a competitive advantage in offering customised real estate solutions.
ANAROCK didn’t disclose the financial details of the acquisition, which was closed on Wednesday.
The deal is Puri’s third acquisition within five months. Puri had, in April, acquired the Indian residential brokerage arm of real estate consultancy Jones Lang LaSalle Inc. to mark his second innings in the local real estate market after quitting JLL in February. In June, he bought the real estate fund management business of JLL and brought it under the fold of his new venture.
Redwoods was set up in 2006. It has expertise in fund management, deal structuring, fund syndication, joint developments and unique transactions. With over 25 million sq ft of leasing experience across all major markets, it claims to have nurtured long-standing ties with all major developers across India.
ANAROCK launched its operations in June and said that it was on its way to cross Rs 100 crore of revenue for 2017 calendar year. It aims to achieve Rs 250 crore of revenue in 2018.
The company has 750 employees and aims to ramp up the headcount to 1,000 by the end of 2017. It operates in all key property markets across India, including Mumbai, Chennai, Bangalore, Gurgaon, Noida, Hyderabad, Kolkata and Pune. It also has a presence in Dubai.
It provides broking and advisory services to clients, investment services, debt, equity and mezzanine funding, and research and consulting for residential real estate through a hybrid online-offline model.
