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. Follow TheStreet.com on Twitter and become a fan on Facebook.