Bridgemarq Real Estate Services Inc. (“Bridgemarq” or the “Company”) (TSX: BRE) today announced the renewal of its largest franchise for a further 10-year term and amendments to certain agreements with its senior lender and largest shareholder to enhance the Company’s financial flexibility and to support its long-term growth strategy.
Network Updates
Bridgemarq is pleased to announce the successful 10-year renewal of its largest franchise agreement (representing over 1500 REALTORS®), reinforcing the strength and durability of its franchise network. Following the completion of this renewal, none of the Company’s larger franchise agreements are scheduled to expire through the end of 2030.
Enhanced Financial Flexibility
Bridgemarq has reached agreements with its senior lender and Brookfield Business Partners (“Brookfield”), its largest shareholder, that enhance the Company’s financial flexibility through December 31, 2028.
Under the amended credit agreement, the Company’s senior lender has agreed to provide additional covenant flexibility for Bridgemarq to manage its capital structure and pursue strategic investments while maintaining a disciplined approach to financial management.
For additional details regarding the agreement, please see the amendment which will be filed on SEDAR+.
Bridgemarq has also reached agreement with its largest shareholder to extend the settlement date for previously deferred distributions on their exchangeable units of Residential Income Fund L.P. (a subsidiary of the Company) from October 31, 2026, to December 31, 2028, on an interest-free basis. Brookfield’s credit facility has also been extended to the same maturity date.
The Company believes these arrangements, together with the continued support of its senior lender and largest shareholder, provide additional flexibility to invest in the business, pursue growth opportunities and support long-term shareholder value creation.
“The renewal of this important franchise reflects the strength of our brands, the value we provide to our franchise partners and the long-term durability of our network,” said Spencer Enright, Chief Executive Officer of Bridgemarq. “We are pleased to have the continuing support of our senior lender and our largest shareholder. These amendments to our agreements provide us with the flexibility to pursue future capital investments and opportunities, and execute Bridgemarq’s next phase of growth that will strengthen Bridgemarq for the long term.”
About Bridgemarq Real Estate Services
Bridgemarq is a leading provider of services to residential real estate brokers and a network of approximately 20,000 REALTORS® through its franchise network and corporately owned brokerages. We operate in Canada under the Royal LePage®, Proprio Direct®, Via Capitale®, Johnston & Daniel® and Les Immeubles Mont-Tremblant brands. For more information, go to www.bridgemarq.com.
Source : Bridgemarq Real Estate Services Inc.
