NEW YORK (
Apollo Global Management
real estate investment management group, Citi Property Investors for an undisclosed amount.
The commercial real estate group had $3 billion in assets under management as of June 30, according to statement from Apollo. Financial terms of the deal were not disclosed.
Apollo will integrate Citi Property Investors into its subsidiary Apollo Global Real Estate Management LP. Apollo's real-estate investment-management group is led by Joseph Azrack, who happens to be the former president and chief executive of Citi Property Investors, according to the statement.
Citigroup sold off the group in an effort to focus on its core business.
Citigroup's divestment is part of a trend in the financial industry. Banks such as
Bank of America
are also likely to divest more nonperforming residential and commercial assets out of their portfolios over the next several years,
--Written by Maria Woehr in New York.
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