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NEW YORK CITY-Completing a deal first reported eight months ago, an affiliate of Apollo Global Real Estate Management LP has acquired Citi Property Investors, the real estate investment management group of Citigroup. Terms of the transaction were not disclosed; CPI had more than $3 billion in assets under management as of June 30.

As part of the transaction, a majority of CPI’s employees will join AGRE, which will take over the management of a number of CPI’s funds, including its flagship funds, CPI Capital Partners Asia Pacific LP, CPI Capital Partners Europe LP and CPI Capital Partners North America LP. CPI has locations in Asia, Europe and North America.

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