Apollo Buys Citi Property Investors

While the deal's financials are not being released, Citi had more than $3 billion in assets under management as of June 30. Apollo and Citi signed a purchase agreement in May.

November 12, 2010
By Allison Landa, News Editor

Courtesy Flickr Creative Commons user morrissey

An affiliate of Apollo Global Real Estate Management, L.P., the real estate investment management group of Apollo, has completed its purchase of Citi Property Investors, the real estate arm of Citigroup Inc.

While the deal’s financials are not being released, Citi had more than $3 billion in assets under management as of June 30. Apollo and Citi signed a purchase agreement in May.

According to former Citi president & CEO and current managing partner and head of Apollo Global Real Estate Management Joseph Azrack, who will lead the joined organizations, the global reach of the combined platform will strengthen Apollo’s investor services and help provide a base for growth. He announced that Roger Orf, who was most recently the president & CEO of Citi, will now serve as the head of Apollo Global Real Estate Management’s Europe branch. He will work with North American head Ray Mikulich and Asia Pacific head Grant Kelley.

Most Citi employees will now become part of Apollo Global Real Estate Management, which will also take over management of Citi’s funds, including flagship funds CPI Capital Partners Asia Pacific L.P., CPI Capital Partners Europe, L.P., and CPI Capital Partners North America L.P.

The combined organization will be based in New York with other offices in London, Hong Kong, Mumbai and Los Angeles.