Thursday, December 8, 2011

Great News! Brookfield Residential Property Services Acquires Prudential Real Estate and Relocation Services

Brookfield Residential Property Services Acquires Prudential Real Estate and Relocation Services

Brookfield Residential Property Services, an affiliate of Toronto-based Brookfield Asset Management, acquired Prudential Real Estate and Relocation Services Dec. 6. The union creates North America’s third-largest residential real estate brokerage business and the world’s second-largest relocation-services provider.

“This is an exciting day for our organizations,” said Graham Badun, managing partner and CEO of Boulder Residential Property Services, announcing the transaction. “We are a strong, global company, focused on the real estate and relocation services sector in a major way.”

Added Earl Lee, who will oversee the company’s U.S. real estate operations: “Brookfield Residential Property Services is a long-term builder of value and it looks to our real estate network and relocation company as integral assets to continued success. Brookfield Asset Management, parent of Brookfield Residential Property Services, has a proud history like Prudential, is publically traded and it rivals Prudential’s size. As important, we share many of the same values and core philosophies.”

Brookfield also has a legacy of innovation, reinvention, investment and growth, and with addition of PRERS has the size and scope to remain at the forefront of the industry and provide leading-edge tools and technology to franchisees and clients.

The transaction creates a new global industry powerhouse positioned to grow and lead the market. Real estate operations now include nearly 80,000 sales professionals, 2,800 offices and more than $150 billion in annual residential real estate sales volume. Prudential Relocation and Brookfield Global Relocation Services, led by Brookfield Global Relocation Services President Rick Schwartz, are a dominant force managing nearly 85,000 moves per year into and out of more than 125 countries. They count 35% of Fortune 100 companies as clients.

Under a licensing agreement, Prudential Real Estate affiliates will continue using the Prudential name for the duration of their franchise agreements. Affiliates whose contracts expire within the next two years have the right to renew and continue using the Prudential brand for an additional five years.


Brookfield

Brookfield at a Glance

Brookfield Residential Property Services (BPRS) is a leading global provider of real estate and relocation services, analytics and knowledge. It is a division of Brookfield Asset Management, a NYSE-listed global asset manager with approximately $150 billion in assets under management. BPRS’ portfolio consists of leading brands including Brookfield Global Relocation Services, the world’s second-largest provider of relocation services, Prudential Real Estate, Brookfield Real Estate Services Inc., 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 transacting more than $150 billion annually. The company’s worldwide footprint includes more than 2,500 employees in North America, United Kingdom, France, China, Singapore, India, Brazil and Australia.