Brookfield Residential Property Services announces acquisition of Prudential Real Estate and Relocation Services
December 05 2011 - 8:42PM
PR Newswire (Canada)
Acquisition creates global residential real estate and employee
relocation services leader TORONTO, Dec. 6, 2011 /CNW/ - Today
Brookfield Residential Property Services ("Brookfield"), a
Brookfield Asset Management Inc. affiliate, announced that it has
purchased Prudential Real Estate and Relocation Services ("PRERS"),
a recognized leader in employee relocation and real estate
franchising from Prudential Financial, Inc. Prudential Relocation
Services operates as Pricoa Relocation in Asia and Europe. The
addition of PRERS to Brookfield's existing residential real estate
franchising and employee relocation services businesses establishes
Brookfield as the world's second largest employee relocation
services provider and the third largest residential real estate
franchising business. Under a licensing agreement, Prudential Real
Estate brokerage affiliates will be able to continue to use the
Prudential brand based on the terms of their franchise agreements.
"This transaction creates a global employee relocation services and
real estate franchising leader," explained Graham Badun, CEO,
Brookfield Residential Property Services. "We have now increased
the breadth and depth of our service offering, keeping pace with
the evolving needs of our clients around the world." A North
American & Global Leader Through its various brands,
Brookfield's residential real estate franchisees are now present in
all 50 U.S. states, 10 Canadian provinces, Mexico and Portugal,
with a network of approximately 80,000 real estate agents, 2,800
real estate brokerage locations and more than $150 billion in
annual residential real estate transactions. U.S.-based Brookfield
Global Relocation Services moves nearly 85,000 families in and out
of over 125 countries around the world each year. With the
acquisition, more than one-third of Fortune 100 companies are its
clients. In addition, Brookfield is now the largest provider
of relocation services to government, with long term relationships
with the U.S. and Canadian governments. The acquisition greatly
strengthens Brookfield's existing U.S. business and results in the
expansion of its operations in nine countries, with a rapidly
growing presence in China, Brazil and India. "Today, Prudential's
real estate and relocation services businesses join a global
company with a track record of over 100 years of success," said
Earl Lee, President of Prudential Real Estate and Relocation
Services. "We're excited to become part of a company that is
focused on and deeply immersed in the real estate sector and is in
the business for the long-term." Earl Lee will continue to lead the
U.S. real estate business, and Rick Schwartz, President, Brookfield
Global Relocation Services, will assume responsibility for the
combined global relocation services business. Brookfield's parent
company, Brookfield Asset Management, is a global asset manager
with approximately $150 billion in assets under management.
Brookfield is co-listed on the New York and Toronto Stock Exchanges
under the symbol BAM and on NYSE Euronext under the symbol BAMA.
About Brookfield Residential Property Services Brookfield
Residential Property Services is a leading global provider of real
estate and relocation services, analytics and knowledge. The
company's portfolio consists of leading brands, including
Brookfield Global Relocation Services, the second largest provider
of global relocation services, Prudential Real Estate and
Relocation Services, Brookfield Real Estate Services, Royal LePage,
Real Living, Via Capitale and Centract. Through its real
estate brands, it has nearly 80,000 real estate professionals in
more than 2,800 locations, who transact over $150 billion
annually. Its global footprint spans North America, the
United Kingdom, France, China, Singapore, India, Brazil and
Australia, and includes more than 2,500 employees worldwide.
It is a division of Brookfield Asset Management, a global
asset manager with approximately $150 billion of assets under
management. Brookfield Real Estate Services Inc. CONTACT: Michael
GotzamanisFleishman-HillardDirect: 416-598-5788Mobile:
416-312-6251Email: michael.gotzamanis@fleishman.ca
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