Brookfield Residential Property Services acquires GMAC Home Services LLC



    Acquisition represents important expansion into US market

    TORONTO, Sept. 23 /CNW/ - 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.
    "This transaction will combine GMAC Home Services' global operations with
our businesses, to create a platform for long-term North American and
international growth," said Graham Badun, Managing Partner and CEO of BRPS.
"GMAC Home Services offers its award winning services through locations in
forty seven states, Europe and Asia. This acquisition is evidence of our
belief in the long-term opportunities for growth in the U.S. residential
property services market."
    Following the acquisition, BRPS will have one of the largest relocation
companies in the world and its REALTOR(R) network will be almost 30,000
strong, based out of 1,500 locations across North America.
    "The purchase of GMAC Home Services by Brookfield allows us to join a
globally recognized and respected real estate and relocation services
organization," said John Bearden, President and CEO, GMAC Home Services. "This
move will enhance the ability of two world-class organizations to pursue
opportunities on a global scale. Given that both organizations have similar
industry expertise and strong commitments to client service, we expect to
quickly achieve the full potential represented by this transaction."

    About Brookfield Residential Property Services

    Brookfield RPS is a division of Brookfield Asset Management Inc., a
global asset manager focused on property, power and infrastructure assets.
Brookfield Asset Management has approximately $95 billion of assets under
management and is co-listed on the New York and Toronto Stock Exchanges under
the symbol BAM and on NYSE Euronext under the symbol BAMA.

    About Residential Capital, LLC

    Residential Capital, LLC, an indirect wholly owned subsidiary of GMAC
Financial Services, is a leading real estate finance company. ResCap's
businesses cover the U.S. residential finance industry, from origination and
servicing of mortgage loans through their sale or securitization in the
secondary market. ResCap operates in selected international markets and also
provides capital to other originators of mortgage loans and residential real
estate developers.

    Forward-Looking Statements

    This news release contains forward-looking information within the meaning
of Canadian provincial securities laws and other "forward-looking statements"
within the meaning of Section 27A of the U.S. Securities Act of 1933, as
amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended,
"safe harbor" provisions of the United States Private Securities Litigation
Reform Act of 1995 and in any applicable Canadian securities regulations. The
words will," "expect," "believe," and derivations thereof, and other
expressions which are predictions of or indicate future events, trends or
prospects and which do not relate to historical matters identify
forward-looking statements. Although Brookfield Asset Management believes that
its anticipated future results, performance or achievements expressed or
implied by the forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not place undue
reliance on forward-looking statements and information as such statements and
information involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Brookfield
to differ materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking statements and
information.
    Factors that could cause actual results to differ materially from those
contemplated or implied by forward-looking statements include: economic and
financial conditions in the countries in which we do business; the behaviour
of financial markets, including fluctuations in interest and exchange rates;
availability of debt financing; the ability to effectively integrate
acquisitions into existing operations and the ability to attain expected
benefits; regulatory and political factors within the countries in which
Brookfield operates; acts of God, such as earthquakes and hurricanes; the
possible impact of international conflicts and other developments including
terrorist acts; and other risks and factors detailed from time to time in
Brookfield's form 40-F filed with the Securities and Exchange Commission as
well as other documents filed by Brookfield with the securities regulators in
Canada and the United States including Brookfield's most recent Annual
Information Form under the heading "Business Environment and Risks."
    We caution that the foregoing factors that may affect future results is
not exhaustive. When relying on forward-looking statements to make decisions
with respect to Brookfield Asset Management, investors and others should
carefully consider the foregoing factors and other uncertainties and potential
events. Except as required by law, Brookfield undertakes no obligation to
publicly update or revise any forward-looking statements or information,
whether written or oral, as a result of new information, future events or
otherwise.





For further information:

For further information: Brookfield RPS: Rob Ireland, Whetstone
Communications, (416) 595-9776 x226, rob@whetstonepr.com; Residential Capital
LLC: Gina Proia, (917) 369-2364, Gina.proia@gmacfs.com

Organization Profile

BROOKFIELD PROPERTIES CORPORATION

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