Citigroup Unloading Real Estate Unit With Billions In Assets
January 27, 2010
In a bid to raise capital, Citigroup is in advanced talks to unload it’s global real estate group, a group with an estimated $12.5B of real estate assets. This is huge deal and given the size will probably represent a pretty good deal for suitor. Not to mentioned the portfolio is pretty well diversified geographically, with holdings in Europe, the US, and Asia.
Apollo and Macquarie are said to be on the shortlist.
[via Bloomberg]
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wow. wonder what kind of discount itll trade at. i also wonder how much CAP rate compression they get when they spin stuff off (assuming they do the deal a la blackstone/eop).