FOXBusiness:

Brookfield Residential Property Services (“BRPS”), a division of Brookfield Asset Management Inc. (“Brookfield”), announced today that it has entered into an agreement to purchase GMAC Home Services LLC, a recognized leader in global relocation, real estate franchising and brokerage and home financing services, from GMAC Residential Holding Company LLC and Residential Capital LLC. The transaction is expected to close in the fourth quarter 2008.

“Brookfield is a leading provider of residential property services in Canada,” stated Chairman George Myhal. “Notwithstanding the recent market turmoil, this acquisition represents an important opportunity for us to expand in the U.S. market for residential property services and we believe we are well-positioned to grow our market share once this difficult period of adjustment is behind us.”

In Canada, Brookfield provides executive relocation services, home appraisals and property brokerage services under the Royal LePage, La Capitale, Johnston & Daniel and Centract brand names.

The GMAC Home Services’ business units that are part of this acquisition include: GMAC Global Relocation Services, GMAC Real Estate and GMAC Home Services Mortgage.

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