GlobalBX

Canada’s Brookfield Residential Property Services has acquired Prudential Real Estate and Relocation Services, one of the country’s biggest real-estate agency franchisors.  Prudential Real Estate affiliates shall continue using the Prudential brand, according to the news release published at USAToday.com.  This addition establishes Brookfield as the world’s second largest employee-relocation services provider.  It is present in the U.S., Canada, Mexico and Portugal.

A Canadian investment firm has purchased the residential real-estate agency-franchising subsidiary of Prudential Financial, which has 22 offices and more than 500 agents in Arizona.

Brookfield Residential Property Services, a Brookfield Asset Management Inc. affiliate, said Wednesday that it had closed on its purchase of Prudential Real Estate and Relocation Services, one of the country’s biggest real-estate agency franchisors, from Newark, N.J.-based Prudential Financial Inc.

Brookfield, based in Toronto, said the addition of Prudential to its existing businesses focusing on residential real-estate franchising and employee-relocation services establish Brookfield as the world’s second-largest employee-relocation services provider after the Cartus Broker Network and the third-largest residential real-estate franchising business.

Under a licensing agreement, Prudential Real Estate brokerage affiliates will be able to continue to use the Prudential brand according to the terms of their franchise agreements, the company said in a news release.

Through its various brands, Brookfield’s residential real-estate franchisees now are present in all 50 U.S. states, 10 Canadian provinces, Mexico and Portugal, the company said.

It has a network of about 80,000 real-estate agents, 2,800 real-estate brokerage locations and over $150billion in annual residential real-estate transactions.

Brookfield Asset Management is co-listed on the New York and Toronto stock exchanges under the symbol BAM.

Photo by AzPrimeHomes