Apollo Global Management LLC completed its acquisition of a real estate investment management group, Citigroup Inc. The financial terms of the acquisition were not disclosed by both parties. Citi Property Investors, the investment management group of Citigroup has about $3 billion of assets under its management as of June 30 this year, and has about 200 million client accounts in about 160 countries worldwide.
Citi Property Investors is an incorporated real estate investment management group, which have investment experts located in North America Asia, and Europe.
Under the terms of the transaction, a majority of Citi Property Investors’s employees will be joining AGRE, which is said to take control of CPI’s several funds including CPI Capital Partners Europe, L.P., CPI Capital Partners North America LP., and CPI Capital Partners Asia Pacific, L.P., the investment management group’s flagship funds.
According to CPI’s former CEO and president Joseph Azrack, the global reach for the merger of the two companies will help strengthen the investment management group’s ability to serve its clients/investors. He also said the combination rounded out Apollo Global’s leadership team.
CPI’s recent president and chief executive officer Roger Orf will be AGRE’s head in Europe, and will be joining other AGRE’s Principals Grant Kelley and Ray Mikulich, in the company’s Asia Pacific and North America office.
The investment management group’s real estate experts will work hand-in-hand with AGRE to manage investments, companies, and assets.
The combined AGRE and the investment management group will be continuing to use its New York office as its headquarters, as well as its other offices in LA, Hong Kong, Mumbai, and London.