Citi Property Investors appears to be headed for a sale

01/28/2010 | Bloomberg · Reuters

Citigroup is said to be in negotiations to sell Citi Property Investors, its real estate investment unit. The unit, which owns $5 billion to $10 billion in assets around the globe, has been valued at $12.5 billion, and its sale could help trim the parent company's debt. "This is clearly not a core business" for Citigroup, said Gary B. Townsend, president of Hill-Townsend Capital. "To the extent they sell something for more than what's on their books, that raises capital."

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Bloomberg · Reuters

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