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Berkshire unit buys in Chicago

September 02, 2009|Times Wire Reports

A real estate brokerage controlled by Warren E. Buffett's Berkshire Hathaway Inc. bought a Chicago-based agency, entering the third-largest U.S. metro area amid signs of a rebounding real estate market.

HomeServices of America Inc. said it acquired Koenig & Strey GMAC Real Estate from Brookfield Residential Property Services. Terms weren't disclosed. Koenig & Strey has 21 offices and about 900 agents in the Chicago region.

HomeServices, a Minneapolis-based unit of MidAmerican Energy Holdings Co., is the second-biggest U.S. residential brokerage. No. 1 is Apollo Management's Realogy.

MidAmerican is majority-owned by Omaha-based Berkshire Hathaway, whose chief executive is Buffett.

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