Brookfield Real Estate Services Inc. Announces the Completion of the Conversion of Brookfield Real Estate Services Fund to a Cor
December 31 2010 - 1:00PM
Marketwired
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®(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® is a trademark identifying real estate licensees in
Canada who are members of the Canadian Real Estate Association.
Contacts: Brookfield Real Estate Services Inc. Kevin Cash Chief
Financial Officer (416) 510-5634 kevin.cash@brookfieldrps.com
www.brookfieldresinc.com
Bridgemarq Real Estate S... (TSX:BRE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bridgemarq Real Estate S... (TSX:BRE)
Historical Stock Chart
From Jul 2023 to Jul 2024