Apollo Global Management, LLC announced that an affiliate of Apollo Global Real Estate Management, L.P., the real estate investment management group of Apollo, has completed the acquisition of Citi Property Investors (“CPI”), the real estate investment management group of Citigroup Inc. (NYSE: C).
However, terms of the transaction were not disclosed yet.
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 combined group will be headquartered in New York with offices in London, Hong Kong, Mumbai, and Los Angeles.
Apollo is a leading global alternative asset manager with offices in New York, Los Angeles, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.
Citi Property Investors had more than $3 billion in assets under management as of June 30.
Under the terms of the deal, a majority of the firm's employees will join Apollo subsidiary Apollo Global Real Estate Management LP.
Apollo will take over the management of a number of CPI's funds, including its flagship funds, CPI Capital Partners Asia Pacific LP, CPI Capital Partners Europe LP and CPI Capital Partners North America LP.
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Disclosure: "No Positions"