Brookfield Real Estate Services has announced a rebrand designed to clarify its position in the market to investors.
The firm will now trade as Bridgemarq Real Estate Services although its operational and organizational structures remain unchanged. Its BRE stock symbol on the TSX will also remain the same.
"We are pleased to introduce our new brand in recognition of the unique position and role we hold in the market," said Spencer Enright, Chair of the Board of the Company. "Within the residential real estate services sector, no other organization combines the strength of leading brands such as Royal LePage, Johnston & Daniel and Via Capitale with attractive investment metrics such as long term, stable cash flows, consistent shareholder distributions and a compelling history of leadership for over 100 years in Canada."
Assignment of franchise agreements
The firm has also announced the completion of the assignment of certain franchise agreements, as well as a number of contracts associated with ancillary revenue streams, including mortgage referral fee revenues, commercial franchise fees and lead management support services.
The franchise agreements transferred represent annualized royalty fee revenues of approximately $0.9 million from 489 Realtors across Canada operating under the Royal LePage and Via Capitale brands.
"We are excited about the growth opportunities provided under the amended management services agreement," said Phil Soper, president and chief executive officer, Bridgemarq Real Estate Services. "This new revenue stream is a material gain for the Company today, and it opens the door to important new business opportunities in market segments adjacent to core brokerage operations. Further, the elimination of the once-a-year, external vend-in process in favour of immediate and direct acquisition of franchise agreements by the Company greatly simplifies our business model, which we believe will be welcomed by potential and existing shareholders."
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