TORONTO, Sept. 26, 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 June 30, 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 gives notice of its intention not to
renew six months prior to the end of the current term. A special
committee comprised of independent members of the Board of
Directors (the "Special Committee") is continuing to evaluate
various matters being considered in association with the renewal of
the MSA. The Special Committee expects to complete its evaluation
in the coming weeks.
The Company and the Manager have agreed to extend the term of
the MSA until June 30, 2019 as they
continue to finalize the terms of a renewed MSA. In addition, the
date by which either party must give notice of its intention not to
renew is extended until December 31,
2018.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities laws. Words such as "expects", "continue", "will" 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 Inc.