Private Equity firm to buy Citi real estate unit | Hedge Funds | Alternative Investments
  • English   Deutsch   
  •  GMT      
  • LONDON      
  • FRANKFURT      
  • NEW YORK      
  • SAO PAULO      
  • TOKYO      
  • SYDNEY      
Hedge Fund Database
Morgan Hedge Fund Database
USERNAME

PASSWORD

FEATURED SERVICE PROVIDER

  Hedge Fund Search
Name, ISIN, Ticker:
  

Hedge Funds Search Detailed Search
  Hedge Fund Directories
Listed Hedge Funds:9,950
HF Professionals:16,367
Service Provider:515
Private Equity firm to buy Citi real estate unit
 
  Hedgeweb - WED, MAR 10 2010
Funds & Investment Apollo Management, the private equity firm founded by Leon Black, signed a preliminary agreement to buy Citigroupâ??s property investment unit.

Apollo will get about $12.5bn in gross assets. This will give Apollo exposure to Europe for the first time. It will also acquire the team of 60 professionals employed by Citi.

Apollo was believed to have had an inside track against other bidders since its head of real estate, Joe Azrack, once headed the Citi real estate unit. Mr Azrack left Citi in June 2008 as part of a number of high-profile departures from the bank against a backdrop of heavy losses in real estate. At that time, the value of the portfolio was said to consist of around $13.5bn of equity investments in commercial real estate.

Apollo recently hired Grant Kelley and a team of investors in Hong Kong to grow Apolloâ??s real estate efforts in Asia.

 
 
© Morgan Hedge™ · HEDGEweb™
Morgan Hedge and HEDGEweb are Trademarks of morganhedge.com, TAA LLC and VIImedia S.A.