In his recent letter to shareholders, billionaire investor Warren Buffett tells us that he now owns around 67% of an operation that runs Prudential, the Irvine-based real estate chain.
Buffett said that he will “purchase the balance of those operations within five years.”
Until the shareholder letter, there has never been a time where any of the details of the partnership between Brookfield Asset Management and Berkshire Hathaway have been revealed.
Back in October of 2012, Brookfield and Warren Buffett told the world that they were going to team up and create a new national real estate chain known as Berkshire Hathaway HomeServices. The headquarters of this company is in Irvine, California.
According to the shareholder letter released by Warren Buffett on March 1 of 2013, the existing real estate company of Berkshire Hathaway known as HomeServices of America, actually purchased the 67% of the Prudential and Real Living franchise operations. Together, both of these companies license 544 brokerage companies on a national scale.
The new chain known as Berkshire Hathaway HomeServices is soon-to-be operational later on in 2013. The Prudential franchises are going to convert to the new brand as well. The other Prudential offices are going to have the opportunity to switch brands or continue to operate under the Prudential name, as well as the Rock of Gibraltar logo.
The new chain actually unveiled its new logos and colors during the past week at Prudential Real Estate’s Las Vegas sales convention.
The official colors are Cabernet and cream the company tells us. They will also have a very simple font and design for their new business cards, yard signs and logos.
Officials from the company say that the new look has a timeless quality, reflecting “the brand’s classic heritage.”
“The new Berkshire Hathaway HomeServices logo exemplifies strength and elegance,” said chairman and CEO of HomeServices of America Ron Peltier.
“The Berkshire Hathaway HomeServices brand identity is smart, distinctive and versatile for all markets and price ranges,” said Earl Lee, CEO of HSF Affiliates LLC.