Brookfield Real Estate Services Inc. Extends Management Services Agreement
Brookfield Real Estate Services Inc. Extends Management Services Agreement |
[28-June-2018] |
TORONTO, June 28, 2018 /CNW/ - Brookfield Real Estate Services Inc. (the "Company") (TSX:BRE), today announced that it has agreed to extend the current term of the Management Services Agreement (the "MSA") between the Company and Brookfield Real Estate Services Manager Limited (the "Manager") for three months through March 31, 2019. The amended and restated MSA has been in effect since January 1, 2014. Under the terms of the MSA, the MSA automatically renews for a five-year period unless the Manager or the Company give notice of their intention not to renew six months prior to the end of the current term. The Board of Directors of the Company (the "Board") has convened a Special Committee comprised of the Independent Directors of the Board to evaluate various matters being considered in association with the renewal of the MSA and the Special Committee has engaged external advisors to assist it with its evaluation. The Company and the Manager have agreed to extend the term of the MSA until March 31, 2019 as they continue to finalize the terms of a renewed MSA. In addition, the date by which either party must give notice of their intention not to renew is extended until September 30, 2018. FORWARD-LOOKING STATEMENTS About Brookfield Real Estate Services Inc. SOURCE Brookfield Real Estate Services Manager Limited | ||
Company Codes: Toronto:BRE |
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