Replies to post #189 on Brookfield Asset Management Inc (BAM)

[MrBankRoll]

Home services? GMAC? October? GMAC is in deep chit too.... Aren't they?

Hope they didn't purchase their trash.

Maybe we'll get some bailout money too. lol!

[MrBankRoll]

Gloria Nilson GMAC Real Estate Sold to Investment Group Led by Real Estate Veteran Dick Schlott
Thu Jan 15, 2009 8:15am EST

The Former 16 Company-Owned Offices Will Now Become Franchised Offices of GMAC Real Estate

RED BANK, N.J.--(Business Wire)--
Gloria Nilson GMAC Real Estate, one of New Jersey`s largest and best-known real estate firms with 16 offices and more than 700 sales associates, has been purchased by SCS Realty Investment Group LLC, a firm led by 40-year real estate veteran Dick Schlott.

As part of the agreement, Gloria Nilson GMAC Real Estate will continue to operate under that name and will become a franchisee of GMAC Real Estate, owned by Brookfield Residential Property Services. The Schlott-led Gloria Nilson GMAC Real Estate firm will now be the largest GMAC Real Estate franchise in the Northeast.

"The Schlott name is synonymous with New Jersey real estate and we are absolutely thrilled Dick has chosen to purchase these offices and in turn, become a franchisee of our company," said John Bearden, president and CEO of GMAC Real Estate. "We look forward to seeing this tremendous company grow under his leadership, backed by the resources of our new parent company, Brookfield Residential Property Services," Bearden said.

Schlott founded Schlott Realtors in 1971 and grew the firm to one of the nation`s preeminent real estate brokerages with 140 offices in five states, thousands of sales associates and annual sales of more than $7 billion, before selling the company in 1991. He has also led a major global real estate franchise system, and served as president and CEO of GMAC Home Services. During his career, Schlott has held key positions within industry associations including Director of the National Association of Realtors, Vice President of the New Jersey Association of Realtors and President of the Northwest Bergen Board of Realtors.

"This is truly a once-in-a-lifetime opportunity for me to re-enter the real estate industry in a huge way and become part of an organization whose philosophy and vision for the business are so closely aligned with my own," said Dick Schlott.

Brookfield Residential Property Services, which less than 60 days ago purchased GMAC Real Estate, is already making significant headlines. The company was recently named in the 2009 Swanepoel TRENDS Report as the number one trendsetter
in 2008.

"With the backing of Brookfield Residential Property Services and as a franchisee of GMAC Real Estate, I`m very confident we`re positioned with the right team to deliver tremendous success," said Schlott.

Terms of the purchase were not announced.

[MrBankRoll]

September 23,2008 Brookfield Residential Property Services Acquires GMAC Home Services LLC

TORONTO, ONTARIO - (Marketwire - Sept. 23, 2008) - Brookfield Residential Property Services ("BRPS"), a division of Brookfield Asset Management Inc. ("Brookfield"), announced today that it has entered into an agreement to purchase GMAC Home Services LLC, a recognized leader in global relocation, real estate franchising and brokerage and home financing services, from GMAC Residential Holding Company LLC and Residential Capital LLC. The transaction is expected to close in the fourth quarter 2008.

"Brookfield is a leading provider of residential property services in Canada," stated 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 GMAC Home Services' business units that are part of this acquisition include: 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 forty seven 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."

Following the acquisition, BRPS will have one of the largest relocation companies in the world and its REALTOR(R) network will be almost 30,000 strong, based out of 1,500 locations across North America.

"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."