Apollo Management LP agreed to buy Citigroup Inc.'s real estate investment unit in a move that will more than triple the value of the private-equity firm's property assets, a person with knowledge of the deal said.

The purchase of Citi Property Investors will give Apollo, of New York, 65 real estate investments in 26 countries with a net asset value of $3.5 billion, the person, who asked not to be named because the negotiations are private, said Tuesday. Apollo's global head of real estate, Joseph Azrack, helped assemble the portfolio when he led the Citi unit from 2004 to 2008.

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