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SOROUH PJSC OBTAINS SHAREHOLDING IN LLJ PROPERTY LLC
- May 19, 2008, 2:38 pm
Sorouh has acquired its stake in LLJ Property in a share transfer transaction, which will also see the two companies creating a joint venture for sales of properties at Sorouh’s many major projects. LLJ Property was established in 2005 as one the first real estate agencies to focus primarily on the Abu Dhabi market. Today, it has more than 50 staff working from its headquarters at Al Jazira Sports & Cultural Club, Abu Dhabi.
Mounir D Haidar, Chief Executive Officer, Sorouh Real Estate PJSC, said:
“As one of Abu Dhabi’s leading real estate developers, we are delighted to be able to forge this relationship with the city’s leading real estate agency. Our joint venture will give LLJ Property access to our full portfolio of developments, which will help the company consolidate its strong position in this market.
“Sorouh has many exciting developments which will be coming to the market in the coming months and years, and it is critical we have a world-class sales strategy in place if we are to deliver optimum results. LLJ Property will complement our existing team, adding another important channel to market.”
Linda Loughnane, Managing Director, LLJ Property LLC, said:
“This is an important strategic step for LLJ Property, allowing us to accelerate the rapid growth of our business here in Abu Dhabi.
“We had the foresight three years ago to understand the enormous potential of Abu Dhabi’s real estate market and had the confidence to invest heavily to establish one of the first real estate agencies that focuses on property sales in Abu Dhabi. Given the unprecedented growth Abu Dhabi is experiencing and the action Abu Dhabi government is taking to develop the Emirate in many different sectors, including tourism, health care, education and industry, it is easy to understand why we remain so confident in the long-term sustainability of the Abu Dhabi real estate market.
“This alliance with Sorouh Real Estate will enable us to enhance our offer to our clients and corporate investors whilst providing Sorouh with information on market trends and demands.”
Sorouh has projects worth more than AED 45 billion under development, including Shams Abu Dhabi, Alghadeer and Saraya. The company last week unveiled the first master-plans for Lulu Island, which will be developed into an outstanding tourism and residential landmark for Abu Dhabi.
The relationship between the Sorouh and LLJ goes back to 2006, when LLJ Property became the sole sales agent for Sorouh’s Tala Tower project.
Mounir D. Haider added:
“With LLJ Property and Sorouh Real Estate we have two companies with a common vision and with a common belief in the development of the Abu Dhabi real estate market. We expect this to be a real win-win for both companies.”
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