BROOKFIELD RESIDENTIAL PROPERTY SERVICES ANNOUNCES ACQUISITION OF PRUDENTIAL REAL ESTATE AND RELOCATION SERVICES

BrookfieldFor Prudential Grand Valley Realty it’s business as usual

Waterloo December 7, 2011Today Brookfield Residential Property Services (“Brookfield”), a Brookfield Asset Management Inc. affiliate, announced that it has purchased Prudential Real Estate and Relocation Services, a recognized leader in global relocation and real estate brokerage from Prudential Financial, Inc. Prudential Relocation Services operates as Pricoa Relocation in Asia and Europe.

The addition establishes Brookfield as North America’s third largest residential real estate brokerage business and the world’s second largest global relocation services provider.

For Prudential Real Estate’s more than 600 affiliates operating across North America and their clients, the news means “business as usual.” Under a licensing agreement, Prudential Real Estate affiliates will continue using the Prudential brand based on the terms of their franchise agreements. The expanded scale of the combined businesses will ensure that the network remains at the forefront of the industry, positioned with leading-edge tools and technologies to best serve their clients.

“We are thrilled to join Brookfield, a leader in residential real estate franchising and employee relocation services and a brand name that is synonymous with strength, stability and growth,” said Alasdair Douglas, Sales Representative with Prudential Grand Valley Realty’s Kitchener office. “Locally, Prudential Grand Valley is still the same great company, providing the same great service to homebuyers and sellers.”

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.

Brookfield’s parent company, Brookfield Asset Management, is a global asset manager with approximately $150 billion in assets under management.  Brookfield is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and on NYSE Euronext under the symbol BAMA.

About Brookfield Residential Property Services

Brookfield Residential Property Services is a leading global provider of real estate and relocation services, analytics and knowledge.  The company’s portfolio consists of leading brands, including Brookfield Global Relocation Services, the second largest provider of global relocation services, Prudential Real Estate and Relocation Services, Brookfield Real Estate Services, Royal LePage, Real Living, Via Capitale and Centract.  Through its real estate brands, it has nearly 80,000 real estate professionals in more than 2,800 locations, who transact over $150 billion annually.  Its global footprint spans North America, the United Kingdom, France, China, Singapore, India, Brazil and Australia, and includes more than 2,500 employees worldwide.  It is a division of Brookfield Asset Management, a global asset manager with approximately $150 billion of assets under management.

About Prudential Real Estate and Relocation Services

Prudential Real Estate and Relocation Services is a leading real estate brokerage franchise and relocation services business.  Prudential Real Estate is one of the largest real estate brokerage franchise networks in North America, with more than 1,600 franchise offices in its Network.  Prudential Real Estate franchises are independently owned and operated companies selected based upon outstanding performance records, high levels of customer service and business values.  Prudential Relocation Services is a leading provider of global relocation services to Fortune 500 corporations.  With locations in the United States, Canada, United Kingdom, France, Hong Kong, Singapore and China, Prudential Relocation – which operates as Pricoa Relocation in Asia and Europe – offers a comprehensive suite of services to its worldwide clients and their transferees.

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