Brookfield RES re-ups with management company

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Brookfield Real Estate Services Inc., which provides services to a network of more than 15,000 Canadian Realtors operating under the Royal LePage, Via Capitale Real Estate Network and Johnston & Daniel brand names, will continue its decade-long relationship with Brookfield Real Estate Services Manager Ltd.

An amended and restated management services agreement between the companies effective Jan. 1, 2014, will streamline management fees to 20 percent across all franchise networks. The five-year agreement calls for an existing Royal LePage formula, used to calculate the value of incremental franchises assigned by the manager, to be adopted across all branded franchises.

The agreement also provides an incentive fee to Brookfield Real Estate Services Manager Ltd. based on organic growth, and provides the company with the right to sell other Canadian branded franchises to Brookfield Real Estate Services Inc., in addition to Royal LePage and Via Capitale.

Brookfield Real Estate Services Manager Ltd. is a subsidiary of Brookfield Asset Management Inc. Its real estate franchise and brokerage brands include Royal LePage, Prudential Real Estate, Johnston & Daniel Division, and Via Capitale.

Brookfield Asset Management has an ownership stake in Irvine, Calif.-base HSF Affiliates LLC, which operates the Real Living and Prudential Real Estate affiliate networks, and Warren Buffett’s new franchise brand, Berkshire Hathaway HomeServices.

Source: newswire.ca.