Brookfield Residential Property Services of Toronto has purchased Prudential Real Estate and Relocation Services (PRERS) from Prudential Financial, Inc. Prudential Relocation Services 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 establishes Brookfield as the world’s second largest employee relocation services provider and the third largest residential real estate franchising business, the company says in a news release.
“Prudential Real Estate and Brookfield Real Estate affiliates and agents will continue to operate as separate networks in the near-term,” the company says.
“Under the terms of a licensing agreement, Prudential’s real estate affiliates may continue to use the Prudential Financial, Inc. brand until the expiration of their franchise agreements. For Prudential contracts expiring within the next two years, affiliates will have the option to renew and continue to use the Prudential Financial, Inc. brand for an additional renewal period, but consistent with the provisions of their franchise agreements. As such, the Prudential Real Estate name will continue in the market for some period,” the company says.
“It is our commitment to treat our Prudential franchisees as partners and to engage them so we understand their needs and what will deliver the greatest benefits to them, their agents and their clients,” says an FAQ on the company’s website.
Graham Badun
“This transaction creates a global employee relocation services and real estate franchising leader,” says 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.”
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.
In Canada, its real estate franchises are Royal LePage, Johnston & Daniel and Via Capitale. In the U.S. it owns Real Living.
U.S.-based Brookfield Global Relocation Services moves nearly 85,000 families in and out of over 125 countries around the world each year, the company says. 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 company says.
“Prudential Relocation and Brookfield Global Relocation Services will start to integrate over the coming months and, when complete, operate as Brookfield Relocation Services. We expect this to be complete in 2012,” the company says.
It says the acquisition “greatly strengthens Brookfield’s existing U.S. business and results in the expansion of its operations in nine countries, with a rapidly growing presence in China, Brazil and India.”
“Today, Prudential’s real estate and relocation services businesses join a global company with a track record of over 100 years of success,” says Earl Lee, president of Prudential Real Estate and Relocation Services. “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.”
Lee will continue to lead the U.S. real estate business, and Rick Schwartz, president, Brookfield Global Relocation Services, will assume responsibility for the combined global relocation services business.
