Brookfield Residential Property Services, a Toronto-based company, announced late Tuesday it has purchased Prudential Real Estate and Relocation Services for $110 million.
Under a licensing agreement, Brookfield says Prudential Real Estate brokerage affiliates will be able to continue to use the Prudential brand based on terms of their franchise agreement. However, when Brookfield acquired GMAC Real Estate in 2008, nearly all brokerages were rebranded as Real Living in 2010.
With the acquisition of Prudential, Brookfield will now have residential franchise operations in the United States, Canada, Mexico and Portugal.
Earlier this month, Realogy - parent company of Coldwell Banker, Century 21, ERA, Sotherby's and Better Homes and Gardens - posted major losses. Will they too go the way of Prudential and their names disappear from the Real Estate world?
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