Brookfield Residential Property Services

Brookfield Residential Property Services

September 23, 2008 11:30 ET

Brookfield Residential Property Services Acquires GMAC Home Services LLC

Acquisition represents important expansion into US market

TORONTO, ONTARIO--(Marketwire - Sept. 23, 2008) - 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® 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.

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