New York-based Apollo Global Real Estate Management (AGRE) has completed the acquisition of Citi Property Investors (CPI), Citigroup's real estate investment management arm.

New York-based Apollo Global Real Estate Management (AGRE) has completed the acquisition of Citi Property Investors (CPI), Citigroup's real estate investment management arm.

CPI is an integrated real estate investment platform with investment professionals located in Asia, Europe and North America. It had assets under management of over $3 bn (EUR 2.2 bn) at end-June this year.

AGRE, part of private equity firm Apollo Global Management, did not disclose the financial details of the transaction that sees AGRE take over the management of a number of CPI's funds, including its flagship funds, CPI Capital Partners Asia Pacific; CPI Capital Partners Europe; and, CPI Capital Partners North America. A majority of CPI's employees will join AGRE.

The acquisition merges the two commercial real estate investment organisations under the leadership of Joseph Azrack, former president and chief executive officer of CPI, who has served as managing partner and head of AGRE since it was established in 2008.

Azrack commented, 'I believe the global reach of this combined platform will strengthen our ability to serve our investor base while growing as we do so. I am also pleased to note that with the completion of this transaction, we have rounded out AGRE's leadership team.'

Azrack noted that Roger Orf, who most recently served as the president and chief executive officer of CPI, will now serve as the head of AGRE Europe, joining Ray Mikulich, head of AGRE North America, and Grant Kelley, head of AGRE Asia Pacific.

The combined group will be headquartered in New York with offices in London, Hong Kong, Mumbai, and Los Angeles. The firm's team of real estate investment professionals will work integrally with other Apollo investment groups to source, underwrite, structure and manage investments in commercial real estate assets, companies, and operating platforms.

Apollo Global Management had assets under management of over $54 bn at end-June this year in private equity, credit-oriented capital markets and real estate funds.