Brookfield Real Estate Services Inc. (the "Corporation") (TSX:BRE) is pleased to
announce the completion of the conversion of Brookfield Real Estate Services
Fund (the "Fund") to a corporation named Brookfield Real Estate Services Inc.,
pursuant to a plan of arrangement (the "Arrangement") under the Business
Corporation Act (Ontario).


Effective on the closing of the Arrangement and related transactions, the
Corporation now directly owns the Fund and its subsidiaries which own and
operate the businesses of Residential Income Fund L.P. and La Capitale L.P.,
which own the assets from which the Corporation will derive its sole source of
revenue. The management and trustees of the Fund are now the management and
directors of the Corporation. 


Pursuant to the Arrangement, unitholders of the Fund received one restricted
voting share of the Corporation for each unit held on the effective date. The
Corporation now has 9,483,850 restricted voting shares issued and outstanding.


Trading of the shares of the Corporation is expected to commence on or about
January 5, 2011 on the Toronto Stock Exchange under the symbol "BRE".


About Brookfield Real Estate Services Inc.

The Corporation is a leading provider of services to residential real estate
brokers and their sales agents. The Corporation generates cash flow from
franchise royalties and service fees derived from a national franchise network
(the "Network") of real estate brokers and sales agents in Canada operating
under the Royal LePage, La Capitale Real Estate Network and Johnston & Daniel
brands. At September 30, 2010, the Corporation's Network included approximately
15,322 brokers and sales agents. The Corporation's Network has an approximate
22% share of the Canadian residential resale real estate brokerage market based
on transactional dollar volume. The Corporation is a TSX-listed company that
pays monthly dividends and trades under the symbol "BRE". The Corporation's
website address is www.brookfieldresinc.com. 


Forward-Looking Statements

This news release contains forward-looking information and other
"forward-looking statements". The words such as "should", "will", "continue",
"plan", "believe", "expect", "anticipate", "intend", "estimate", "approximate",
"expected" and other expressions that are predictions of or indicate future
events and trends and that do not relate to historical matters identify
forward-looking statements. Reliance should not be placed on forward-looking
statements because they involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or achievements of the
Corporation to differ materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially from those set forward in
the forward-looking statements include a change in general economic conditions,
interest rates, consumer confidence, the level of residential real estate resale
transactions, the average rate of commissions charged, competition from other
traditional real estate brokers or from discount and/or Internet-based real
estate alternatives, the availability of acquisition opportunities and/or the
closing of existing real estate brokerage offices, other developments in the
residential real estate brokerage industry or the Corporation that reduce the
number of and/or royalty revenue from the Corporation's Network of
REALTORS(R)(1), our ability to maintain brand equity through the use of
trademarks, the availability of equity and debt financing, a change in tax
provisions, and other risks detailed in the Fund's annual information form,
which is filed with securities commissions and posted on SEDAR at www.sedar.com.


The Corporation undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law.


(1) REALTOR(R) is a trademark identifying real estate licensees in Canada who
are members of the Canadian Real Estate Association.
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