Apollo Global Management LP signed an agreement to purchase Citigroup Inc.'s (C) real-estate investment business, media reports on Tuesday citing to people familiar with the matter. Final negotiations are still taking place, but the deal could close in the next few months, the people said.
The purchase of Citi Property Investors will more than triple New York-based Apollo's real estate assets. The portfolio includes 65 investments in 26 countries with a net asset value of $3.5 billion. The company plans to keep the Citi Property staff, according to the person.
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