Business
Bridgemarq Real Estate Services® Announces Completion of Strategic Transaction to Acquire High-Quality Real Estate Brokerage Assets and Become Independently Managed
Bridgemarq Real Estate Services® Announces Completion of Strategic Transaction to Acquire Hi...
About this update from Bridgemarq Real Estate Services, Inc.
[{"type":"text","content":"\n \n \n \n Bridgemarq Real Estate Services® Announces Completion of Strategic Transaction to Acquire High-Quality Real Estate Brokerage Assets and Become Independently Managed\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: TOP; TEXT-ALIGN: LEFT; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnml40{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:3.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n April 1, 2024\n \n \n /CNW/ - Bridgemarq Real Estate Services Inc. (\"\n \n Bridgemarq\n \n \" or the \"\n \n Company\n \n \") (TSX: BRE) today announced the completion on\n \n March 31, 2024\n \n , of the Company's previously announced acquisition of Bridgemarq Real Estate Services Manager Limited (the \"\n \n Manager\n \n \") and Proprio Direct Inc. (\"\n \n Proprio Direct\n \n \" and collectively with the Manager and with their subsidiaries, the \"\n \n Target Entities\n \n \") from an affiliate of Brookfield Business Partners (\"\n \n \n Brookfield\n \n \n \"), and the settlement of certain payments owing by the Company (collectively, the \"\n \n Transaction\n \n \"). As consideration for the Transaction, 2,920,877 Class\n \n \n B subordinated limited partnership units (the \"\n \n Exchangeable Units\n \n \") of Residential Income Fund L.P. (the \"\n \n Partnership\n \n \") were issued to\n \n Brookfield\n \n , which are exchangeable on a one-for-one basis into an equivalent number of restricted voting shares (the \"\n \n Restricted Voting Shares\n \n \") of the Company.\n \n \n \"The completion of this transaction marks a pivotal moment for Bridgemarq. The acquisition of these brokerage operations and the internalization of the management team are crucial to the long-term success and growth of our business. Expanding the Company's profile with th...