NEW YORK ( TheStreet) -- Private-equity group Apollo Management agreed to buy Citigroup's ( C) real estate investment unit, a report says.

Apollo's purchase of Citi Property Investors would give Apollo 65 real estate investments in 26 countries with a net asset value of $3.5 billion, Bloomberg reports, citing a person close to the negotiations.

The Citigroup group unit is part of Citi Holdings, the businesses the bank said it would sell or restructure.

Apollo signed a letter of intent and the purchase may take as long as three months to close, the person with knowledge of the deal said, Bloomberg reports.

-- Reported by Joseph Woelfel in New York.

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