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Prudential Sells Its Real Estate Brokerage

Brookfield Residential Property Services — a Canadian-based franchisor that provides services in the U.S. under the Real Living brand — has acquired Prudential Real Estate and Relocation Services for $110 million,

imageThe acquisition makes Brookfield Residential the second largest global relocation operation and third largest residential real estate brokerage in North America, having already acquired Real Living and GMAC Real Estate.

In Hampton Roads TownBank had merged  GSH Real Estate, with Virginia Beach based Prudential Decker Realty and Prudential McCardle Realty of Williamsburg. The resulting new company, Prudential Towne Realty, became one of the largest home marketing firms in Hampton Roads.

A source close to the brokerage indicated that Prudential franchisees will keep the Prudential branding until their franchise agreements expire or until they agree to rebrand under the Real Living banner although the deal does allow Prudential real estate brokerage affiliates to continue to use the Prudential brand based on the terms of their franchise agreements.

imageAccording to their SEC filing, as of the end of the third quarter, Prudential’s real estate brokerage and relocation business had a net book value of roughly $25 million. Brookfield Asset Management says they manage roughly $150 billion, with interests in residential and commercial property, along with energy holdings and infrastructure projects.

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