Billionaire investor Warren Buffett has added Wallingford's Prudential Connecticut Realty to his stable of corporate holdings, giving his No. 2 home real estate brokerage unit its first entry into the Northeast.
HomeServices of America Inc., a unit of Buffett's Berkshire Hathaway Inc., paid an unspecified sum for Prudential CT and its affiliate, Prudential Rhode Island Realty.
Prudential CT Chairman and CEO Peter Hellie announced the deal Wednesday.
"Under our new structure, nothing will change,'' Hellie said in a statement. "We will retain our name, Prudential Connecticut Realty and Prudential Rhode Island Realty, and remain a flagship franchise of Prudential Real Estate's U.S. network. I will continue in my role as Chairman and CEO and Candace Adams will continue in her role as president, running the day to day operations of the firm.''
Prudential CT handled $2.5 billion in property sales in 2011, Hellie said.
Based in Minneapolis, HomeServices claims to be the second-largest home realty services firm in the U.S. Its 26 brands and more than 16,000 real estate professionals operate in 20 states.