Citigroup sold its real estate investment management business to private equity firm Apollo Global Management for an undisclosed sum.
As at 30 June 2010, Citi Property Investors (CPI) had assets under management of over $3bn (€2.2bn). The real estate investment platform had investment professionals in Asia, Europe and North America. These employees will join Apollo Global Management’s real estate arm, which will take over the management of a number of CPI’s funds, including its flagship funds, CPI Capital Partners Asia Pacific, CPI Capital Partners Europe and CPI Capital Partners North America.
The two commercial real estate investment organisations will be united under the leadership of Joseph Azrack, former president and chief executive officer of CPI.
The combined group will be headquartered in New York with offices in London, Hong Kong, Mumbai, and Los Angeles. The firm’s team of real estate investment professionals will work integrally with other Apollo investment groups to source, underwrite, structure and manage investments in commercial real estate assets, companies, and operating platforms.
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