Sorouh Real Estate yesterday acquired a strategic stake in LLJ Property, an Abu Dhabi-based real estate agency, through a share transfer transaction. The two companies will create a joint venture for sales of properties at Sorouh's projects.
"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," Mounir D Haidar, Chief Executive Officer, Sorouh Real Estate, said.
"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," he said.
Linda Loughnane, Managing Director, LLJ Property, said: "This is an important strategic step for LLJ Property, allowing us to accelerate the rapid growth of our business in Abu Dhabi.
"This alliance with Sorouh Real Estate will enable us to enhance our offer to our clients and corporate investors, while providing Sorouh with information on market trends and demands," said Loughnane.
LLJ Property was established in 2005 as one the first real estate agencies to focus primarily on the Abu Dhabi market. It has about 50 staff working from its headquarters at Al Jazira Sports and Cultural Club, Abu Dhabi.
Sorouh has projects worth more than Dh45 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.
Haider said: "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."