Business | Property
Sorouh acquires stake in LLJ Property
Sorouh Real Estate on Sunday announced the acquisition of a strategic shareholding in LLJ Property, the major Abu Dhabi-based real estate agency.
- Staff Report
- Published: 00:16 May 19, 2008
Abu Dhabi: Sorouh Real Estate on Sunday announced the acquisition of a strategic shareholding in LLJ Property, the major Abu Dhabi-based real estate agency.
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.
"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," said Mounir D. Haidar, chief executive officer of Sorouh Real Estate.
Ongoing projects
Sorouh has projects worth more than Dh45 billion under development, including Shams Abu Dhabi, Al Ghadeer and Saraya.
The company last week unveiled the first masterplans for Lulu Island, which will be developed into an outstanding tourism and residential landmark for Abu Dhabi.
"Given the growth Abu Dhabi is experiencing and the government efforts to develop the emirate, it is easy to understand why we remain so confident," said Linda Loughnane, managing director of LLJ Property.
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