Brookfield Residential Property Services (BRPS), a division of Brookfield Asset Management Inc., plans to buy GMAC Home Services LLC, a provider of global relocation, real estate franchising, and brokerage and home financing services, from GMAC Residential Holding Company LLC and Residential Capital LLC. The transaction, whose terms were not disclosed, is expected to close in the fourth quarter.
“Brookfield is a leading provider of residential property services in Canada,” said its chairman, George Myhal. “Notwithstanding the recent market turmoil, this acquisition represents an important opportunity for us to expand in the U.S. market for residential property services, and we believe we are well-positioned to grow our market share once this difficult period of adjustment is behind us.”
In Canada, Brookfield provides executive relocation services, home appraisals, and property brokerage services under the Royal LePage, La Capitale, Johnston & Daniel, and Centract brand names. The acquisition will make BRPS one of the largest relocation companies in the world.
The acquisition includes GMAC Global Relocation Services, GMAC Real Estate, and GMAC Home Services Mortgage.
“This transaction will combine GMAC Home Services’ global operations with our businesses to create a platform for long-term North American and international growth,” said Graham Badun, managing partner and CEO of BRPS. “GMAC Home Services offers its award-winning services through locations in 47 states, Europe, and Asia. This acquisition is evidence of our belief in the long-term opportunities for growth in the U.S. residential property services market.”
“The purchase of GMAC Home Services by Brookfield allows us to join a globally recognized and respected real estate and relocation services organization," said John Bearden, President and CEO, GMAC Home Services. "This move will enhance the ability of two world-class organizations to pursue opportunities on a global scale. Given that both organizations have similar industry expertise and strong commitments to client service, we expect to quickly achieve the full potential represented by this transaction.”
Brookfield RPS is a division of Brookfield Asset Management Inc., a global asset manager focused on property, power and infrastructure assets. Brookfield Asset Management has approximately $95 billion of assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and on NYSE Euronext under the symbol BAMA.
