Citi Property Investors Sold to Apollo

Apollo Global Real Estate Management, an affiliate of Apollo Global Management LLC, has finalized a deal to purchase Citi Property Investors (CPI), the real estate investment management group of Citigroup Inc. While the terms of the deal were not disclosed, CPI had assets under management of over $3 billion as of June 30 of this year according to a BusinessWeek article. As part of the transaction, a majority of CPI's employees will join Apollo Global Real Estate Management, which will take over the management of a number of CPI's funds, including its flagship funds, CPI Capital Partners Asia Pacific, L.P., CPI Capital Partners Europe, L.P., and CPI Capital Partners North America LP.

The Citigroup bank is on track to have less than $400 billion of unwanted assets, or 20 percent of total assets, by the end of 2010 as reported by Reuters, and is still 12% owned by the U.S. government, which originally planned to finish selling off the stake by mid-December.

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