Apollo to Acquire Citigroup's (NYSE: C) Real Estate Investment Unit

Private equity firm Apollo Management has agreed to buy Citigroup's real estate investment unit in a move that will more than triple the value of its property assets, according to a Bloomberg report.

The Bloomberg report which sited a person familiar with the deal, said the purchase will give NY-based Apollo 65 real estate investments in 26 nations that carries a net asset value of $3.5 billion.