Brookfield Buying GMAC Real Estate
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Brookfield Residential Property Services, a Canadian real estate concern, is buying GMAC Home Services from Cerberus Capital Management (51% ownership) and General Motors (49%).
Do you think, or hope, that the company will re-brand the offices to a name that is not as antiseptic as GMAC? Part of the allure of real estate is the mystique, and GMAC does not do it for me.
The Toronto-based asset manager’s Brookfield Residential Property Services will buy GMAC Home Services LLC from GMAC Residential Holding Company LLC and Residential Capital LLC.
The deal includes GMAC Real Estate, which has about 80 company-owned real estate offices and about 1,000 franchised offices nationwide, and GMAC Home Services Mortgage, the mortgage origination service within some of those offices, said GMAC Financial Services spokeswoman Gina Proia. In addition, the sale includes GMAC Global Relocation Services.
Brookfield buys GMAC real estate unit.
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Comment by Mark Madsen on 24 September 2008:
GMAC does not have a great name right now in the industry so I think it would make sense to rebrand it!