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Apollo Global Management Acquires Citi Property Investors
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New York, NY. November 12, 2010 - Apollo Global Management, LLC (together with its subsidiaries, "Apollo") today announced that an affiliate of Apollo Global Real Estate Management, L.P. ("AGRE"), the real estate investment management group of Apollo, has completed the acquisition of Citi Property Investors ("CPI"), the real estate investment management group of Citigroup Inc. (NYSE: C). Terms of the transaction were not disclosed.

CPI, which had assets under management of over $3 billion as of June 30, 2010, is an integrated real estate investment platform with investment professionals located in Asia, Europe and North America. 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, L.P., CPI Capital Partners Europe, L.P., and CPI Capital Partners North America LP.

The acquisition announced today unites two commercial real estate investment organizations 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.

About Apollo Global Management

Apollo is a leading global alternative asset manager with offices in New York, Los Angeles, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of over $54 billion as of June 30, 2010, in private equity, credit-oriented capital markets and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit

About Citigroup

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at or

Apollo Contact Information:

Rick Matthews
Rubenstein Associates, Inc. for Apollo Global Management

Margot Olcay
Rubenstein Associates, Inc. for Apollo Global Management

Gary M. Stein
Director of Investor Relations
Apollo Global Management, LLC

Citigroup Contact Information:

Shannon Bell

John Andrews

Forward-Looking Statements

This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases. These statements include, but are not limited to, discussions related to Apollo's expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words "believe," "anticipate," "estimate," "expect," "intend" and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new Private Equity or Capital Markets funds, market conditions, generally, our ability to manage our rapid growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenue, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others.