When the Canadian real estate company bought GMAC’s property unit it inherited a tainted brand. So it picked up a hot realtor and merged under one banner

(Source: The Globe and Mail)

Brookfield Residential Property Services knew it had an image problem on its hands when it agreed to take over GMAC Financial Services’ residential real estate division at the height of the credit crisis.

The subsidiary of Toronto-based Brookfield Asset Management Inc. (TSE:BAM.A) operates Royal LePage in Canada.

With the GMAC deal, it became an instant player in the U.S. real estate market, with 470 offices and more than 8,000 agents.

But it didn’t simply inherit the property assets when it signed the deal last September. It also inherited the stigma tied to companies that received government bailouts.

Read Steve Ladurantaye’s full article “How Brookfield turned GMAC into Real Living” in the Globe and Mail (November 13, 2009).

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