Brookfield Residential Property Services purchases Prudential Financial's real estate, relocation services business, strengthening presence in U.K., China, Brazil, India
December 6, 2011
– Today Brookfield Residential Property Services ("Brookfield"), a Brookfield Asset Management Inc. affiliate, announced that it has purchased Prudential Financial, Inc.'s ("PFI") real estate and relocation services business ("PRERS"), a recognized leader in employee relocation and real estate franchising from U.S.-headquartered PFI. PRERS 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, which already includes offices in London, 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, PRERS real estate brokerage affiliates will be able to continue using PFI's existing 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 Global Leader
U.S.-based Brookfield Global Relocation Services moves close to 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 international business and results in the expansion of its operations in nine countries, with a rapidly growing presence in the United Kingdom, China, Brazil and India.
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.
"Today, PRERS joins a global company with a track record of over 100 years of success," said Earl Lee, President, PRERS. "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."
Rick Schwartz, President, Brookfield Global Relocation Services, will assume responsibility for the combined global relocation services business and Earl Lee will continue to lead the U.S. real estate business.
PRERS relocation services business, including Pricoa Relocation, and Brookfield Global Relocation Services will start to integrate over the coming months and, when complete, operate as Brookfield Global Relocation Services.
Brookfield's parent company, Brookfield Asset Management Inc., 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, PRERS, 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.
Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.
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