New York-based Apollo Global Management LLC says that an affiliate of Apollo Global Real Estate Management (AGRE), 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.
CPI, which had assets under management of over $3 billion as of June 30, is an integrated real estate investment platform with investment professionals located in Asia, Europe and North America. As part of the transaction, a majority of CPI's employees will join AGRE, which 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. Terms of the transaction were not disclosed.
This acquisition unites two commercial real estate investment organizations under the leadership of Joseph Azrack, former president and CEO of CPI, who has served as managing partner and head of AGRE since it was established in 2008. The combined group will be headquartered in New York and maintain offices in London, Hong Kong, Mumbai and Los Angeles.
SOURCE: Apollo Global Management