Berkshire Hathaway Expands Real Estate Brokerage

By: Associated Press Email
By: Associated Press Email

OMAHA, Neb. (AP) -- Warren Buffett's Berkshire Hathaway Inc. is teaming up with the owner of the Prudential Real Estate to launch a new brokerage brand.

Berkshire Hathaway Inc. and Brookfield Asset Management said Tuesday they plan to start Berkshire Hathaway Home Services next year.

Financial terms of the deal weren't disclosed. Brookfield and Berkshire will share ownership of the new venture, but Berkshire's Home Services of America real estate brokerage will have a majority stake.

Buffett says he's happy to lend Berkshire's name and financial strength to the new company, which will be based in Irvine, Calif.

Home Services has 16,000 real estate agents in 21 states while Brookfield's Prudential and Real Living brands have 75,000 agents in over 2,800 locations.

Berkshire is based in Omaha, Neb. Brookfield is based in Toronto.

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