Prudential is getting out of the real estate business, selling off its real estate brokerage and relocation services business to Brookfield Residential Property Services this week.
However, some Prudential real estate brokerage franchisees will be able to continue to use the Prudential brand, depending on the terms of their franchise agreements.
Brookfield residential real estate franchises will now operate in 50 U.S. states, 10 Canadian provinces, Mexico, and Portugal, along with plans to expand into Brazil, China, and India. It boasts a network of about 80,000 real estate agents and 2,800 real estate brokerage locations, according to the company.
“This transaction creates a global employee relocation services and real estate franchising leader,” Graham Badun, CEO of Toronto-based Brookfield Residential Property Services, said in a statement. “We have now increased the breadth and depth of our service offering, keeping pace with the evolving needs of our clients around the world.”
The terms of the sale were not released.