prudential

Prudential Financial sells its real estate brokerage for $110 million

December 6, 2011
2,292 Views

Prudential’s brokerage unit sold

Prudential Financial Inc., the 136 year old American company has sold its real estate brokerage and relocation business to Brookfield Residential Property Services, a division of Brookfield Asset Management, Inc., for roughly $110 million.

Prudential Financial Inc. said in a statement that the deal excludes a financing subsidiary with investments in some brokerage franchises. According to Bloomberg, the 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.

Some franchise agreements will allow select brokerages to operate under the Prudential brand, but the companies did not release which ones or how many are subject to continuing on with the Prudential name. One source close to the brokerage told us that Prudential franchisees will keep the Prudential branding until their franchise agreements expire or until they agree to rebrand as Real Living.

According 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.



Advertise at AG

Prudential Financial has been a headline grabber for focusing more on their life insurance and retirement products and selling off assets in recent years.

android-umbrella
It's raining downloads Today, Google announced that the Android Market has hit the 10 billion app download mark, with a growth rate of one billion app downloads every month, projecting acceleration of growth in 2012. Eric Chu, Director, Android Developer Ecosystem said in a statement, "To celebrate this milestone, we…
barcelona-tiny-living
Super small living - like a rockstar In the super trendy Born district in Barcelona, Spanish architect Barbara Appolloni has designed a tiny apartment home out of a former pigeon loft. Yes, a pigeon loft. The 260 square feet feature all of the amenities of a normal apartment, but with…

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

Leave A Comment


+ 4 = nine