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Citi Dismemberment Continues

|Includes: Citigroup Inc. (C)

Private equity firm Apollo Management will purchase Citigroup's (NYSE:C) property investment group.  According the a Financial Times article by Henny Sender and Justin Baer, the gross assets of the portfolio are about $12.5 billion, down from $13.5 billion in 2008.  No mention of the value of the deal appears in the article.

Citigroup continues to shed assets in an attempt to shore up its balance sheet and offset operating losses with have amounted to more than $20 billion over the past two years or so, before asset sales.

Disclosure: No positions.