Updated July 28 at 8:28am

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real estate

Brookfield buys Prudential

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TORONTO – Brookfield Residential Property Services has purchased Prudential Real Estate and Relocation Services for an undisclosed amount, the company announced Thursday, making the Canadian company the third largest residential brokerage business in North America and second largest relocation services provider in the world.

Under the terms of the deal, Prudential’s 600 local North American affiliates, including Prudential Gammons Realty in East Greenwich, will keep the Prudential name despite the sale.

“We are thrilled to join Brookfield, a leader in residential real estate franchising and employee relocation services and a brand name that is synonymous with strength, stability and growth,” said Prudential Gammons owner Allen Gammons. “Locally, Prudential Gammons Realty is still the same great company, providing the same great service to homebuyers and sellers.”

Massachusetts-based Prudential Prime Realty also has offices in Middletown and Newport and Prudential Connecticut has an office in Westerly.

In a news release announcing the sale, Brookfield said size of the combined business “will ensure that the network remains at the forefront of the industry, positioned with leading-edge tools and technologies to best serve their clients.”

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