11:14 AM EDT, 04/01/2024 (MT Newswires) -- Bridgemarq Real Estate Services ( BREUF ) said Monday it completed the purchase of Bridgemarq Real Estate Services Manager and Proprio Direct from an affiliate of Brookfield Business Partners (BBU-UN.TO).

The company also reported the settlement of certain payments owed by the company.

As consideration for the transaction about 2.9 million Class B subordinated limited partnership units of Residential Income Fund LP were issued to Brookfield, which are exchangeable on a one-for-one basis into an equivalent number of restricted voting shares of the company.

Bridgemarq also noted Lorraine Bell will succeed Spencer Enright as the independent chair of the board.

Enright, chief executive officer of Bridgemarq Real Estate Services Manager for the past decade and responsible for overall leadership and oversight over operations of the target entities, will serve as CEO of Bridgemarq and will continue as a director on the board.

Phil Soper will continue in his role managing all agent and franchise relationships as the president of Bridgemarq, and Glen McMillan will continue to serve as chief financial officer of Bridgemarq.

In connection with the transaction, the company amended its credit facility, effective Feb. 21. The credit facility amendments include updating certain provisions to account for the new corporate structure and the company's expanded operations resulting from the transaction as well as increasing the company's borrowing capacity to $95 million from $90 million through a $5 million increase in the company's operating facility.

Bridgemarq shares were last seen down C$0.14 to C$13.83 on the Toronto Stock Exchange.

Price: 13.81, Change: -0.16, Percent Change: -1.15