TORONTO – Brookfield Residential Property Services has expanded its presence in the United States through the acquisition of Prudential Financial Inc.’s real estate and relocation services business, the Toronto-based company announced Tuesday.
The company, part Brookfield Asset Management group (TSX:BAM.A), said the acquisition establishes it as North America’s third-largest residential real-estate brokerage and the world’s second-largest global relocation services provider.
Prudential Relocation Services operates as Pricoa Relocation in Asia and Europe.
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Under a licensing agreement, Prudential Real Estate brokerage affiliates will continue to use the Prudential brand based on the terms of their franchise agreements.
Brookfield Asset Management is a global asset manager with approximately $150 billion in assets under management. Its main areas are real-estate and property management, renewable energy, natural resources and corporate restructuring.
Brookfield Residential Property Services operates under brands including Royal LePage, Brookfield Global Relocation Services, and Brookfield Real Estate Services.
“This transaction creates a global employee relocation services and real estate franchising leader,” said Graham Badun, CEO of 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.”
It operates in all 50 U.S. states, all 10 Canadian provinces as well as in Mexico and Portugal. It has a network of about 80,000 real estate agents.
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