TORONTO, June 28, 2018 /CNW/ - Brookfield Real Estate
Services Inc. (the "Company") (TSX:BRE), today announced that it
has agreed to extend the current term of the Management Services
Agreement (the "MSA") between the Company and Brookfield Real
Estate Services Manager Limited (the "Manager") for three months
through March 31, 2019.
The amended and restated MSA has been in effect since
January 1, 2014. Under the
terms of the MSA, the MSA automatically renews for a five-year
period unless the Manager or the Company give notice of their
intention not to renew six months prior to the end of the current
term. The Board of Directors of the Company (the "Board") has
convened a Special Committee comprised of the Independent Directors
of the Board to evaluate various matters being considered in
association with the renewal of the MSA and the Special Committee
has engaged external advisors to assist it with its evaluation.
The Company and the Manager have agreed to extend the term of
the MSA until March 31, 2019 as they
continue to finalize the terms of a renewed MSA. In addition, the
date by which either party must give notice of their intention not
to renew is extended until September 30,
2018.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking information and other
"forward-looking statements". Words such as "extend" "continue"
"will" "future" and other expressions that are predictions of or
could 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 Company 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 indicated in the forward looking
statements include changes in the discussions between the Company
and the Manager with respect to the MSA. There is no certainty that
the MSA will be renewed before the end of the extended term. The
Company 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.
About Brookfield Real Estate Services Inc.
Brookfield Real Estate Services Inc. is a leading provider of
services to residential real estate brokers and a network of over
18,000 REALTORS®. We operate in Canada under the Royal LePage, Via
Capitale and Johnston & Daniel brands. For more information, go
to www.Brookfieldresinc.com.
SOURCE Brookfield Real Estate Services Manager Limited