U.S. bank Citigroup Inc is in advanced talks to sell its real estate investment business and has prepared a shortlist of final bidders, Bloomberg reported, citing two people familiar with the matter.
Citi Property Investors owns commercial property in the United States, Europe and Asia valued at $5-$10 billion, one of the people told the news agency.
The real estate unit is part of Citi Holdings, the assets marked for sale by the bank, the news agency said.
Citigroup was not available to comment on the report. (Reporting by Sakthi Prasad in Bangalore; Editing by Dan Lalor)