From the Star Ledger:
Prudential Financial is ending a more than two decade foray into the residential real estate business with yesterday’s sale of its realty brokerage and relocation services unit to a Toronto-based company.
The proceeds from the sale of Prudential Real Estate and Relocation Services to Brookfield Residential Property Services, before transaction-related expenses, were approximately $110 million, according to the SEC filing. BRPS is a division of Brookfield Asset Management, and the sale marks its third since coming to the U.S. market in 2008, the company said.
“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.”
The acquisition makes Brookfield the second largest global relocation services provider and third largest residential real estate brokerage in North America, Badun said. Together, the relocation services divisions of Brookfield and Prudential work with more than one-third of Fortune 100 companies, and Brookfield is now the largest provider of relocation services to government, with long term relationships with the United States and Canada.
The Prudential name will stay with the franchise for the time being, but ultimately Brookfield will develop a new branding strategy, Badun said. Employees won’t notice any changes and it will be business as usual, he added.