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Citi Sells Real Estate Investment Group to Apollo Global

""Citigroup Inc."":http://www.citigroup.com has found a buyer for its real estate investment management group, Citi Property Investors (CPI). ""Apollo Global Management"":http://www.agm.com said Friday that one of its affiliates has completed the acquisition of the Citi investment unit. Terms of the transaction were not disclosed.

Citigroup has been selling off various assets and businesses to shore up its operations and help repay the $45 billion in took in bailout money from the federal government.

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CPI, which had assets under management of over $3 billion as of June 30, 2010, is an integrated real estate investment platform with investment professionals located in Asia, Europe, and North America.

The acquisition unites the two commercial real estate investment organizations under the leadership of Joseph Azrack, a former president and CEO of CPI who has served as managing partner and head of Apollo Global Real Estate since it was established in 2008.

""I believe the global reach of this combined platform will strengthen our ability to serve our investor base while growing as we do so,"" Azrack said.

Azrack also noted that with the completion of this transaction, Apollo Global Real Estate has rounded out its leadership team, with Roger Orf, who most recently served as the president and CEO of CPI, heading up the firm's operations in Europe.

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 with other Apollo investment groups to source, underwrite, structure and manage investments in commercial real estate assets, companies, and operating platforms.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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