Prudential Georgia Realty Is Now Part Of A New Global Real Estate Powerhouse
(Atlanta) December 6, 2011 - Today 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. This transaction creates a new industry powerhouse and establishes the new organization as the #3 player in the North American residential real estate brokerage market with almost 80,000 real estate agents and 2,800 locations. Our relocation entities serve over 85,000 annual moves in 125 countries.
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.
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.
Prudential Georgia Realty is the exclusive Prudential Real Estate franchise for Metro Atlanta. The company will retain the current brand name with no changes in local ownership or management. Prudential Georgia Realty is owned and operated by Dan Forsman, President & CEO. In the past four years, Trendgraphix reports Prudential Georgia Realty has consistently grown market share more than any other large brokerage. In 2010 and 2011, the company leads the market in transactions, listing inventory and listings sold. In 2010, the Atlanta Business Chronicle ranked PGR as the #1 real estate company in Atlanta.
"We are very excited about the potential of the combined organizations. Business is certainly going global and the business of real estate is no exception. But we recognize that real estate decisions are local. This new organization gives us the best of all worlds - allows us to leverage the power of a large global real estate organization, maintains the respected Prudential brand and ensures the ability to make local decisions that are best for our agents and clients. We have a long-term commitment to our franchise and this announcement gives us a strong and stable foundation for the future. Our teams have generated tremendous momentum in 2011 and we have some exciting new announcements coming in early 2012," said Dan Forsman, President & CEO of Prudential Georgia Realty.
About Brookfield Residential Property Services
About Prudential Real Estate and Relocation Services
About Prudential Georgia Realty