Prudential Financial Acquires

 City Capital Relocation

Prudential Connecticut Realty has announced that Prudential Real Estate and Relocation Services, the second largest provider of comprehensive global relocation services to institutional clients throughout the United States and one of the largest real estate brokerage franchise networks in North American, has acquired CitiCapital Relocation Inc.

CitiCapital Relocation, based in Irving, Tex., was part of CitiCapital, a unit of CitiGroup. The sale closed on September 30; terms of the deal were not disclosed. Prudential Real Estate and Relocation Services is based in Irvine, Calif.

Prudential Financial’s relocation group offers institutional clients a variety of services in connection with the relocation of their employees. These include coordination of appraisal, inspection, and sale of relocating employees’ homes, equity advances to relocating employees, assistance in locating a home at the relocating employee’s destination, households goods moving services, client cost-tracking, and a variety of relocation policy and group moving consulting services.

CitiCapital, with a current global portfolio of $37 million, is among the largest US-based commercial finance businesses, reaching more than 500,000 customers throughout the world. CitiCapital is a market leader in truck, construction, material handling, health care and office equipment finance, as well as franchise and municipal finance, fleet, and relocation management services.