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Paul Hastings Advises Citigroup Property Investors on $1.29 Billion Asia Real Estate Fund

February 26, 2007

Paul Hastings Advises Citigroup Property Investors on
$1.29 Billion Asia Real Estate Fund

New York, NY  (February 23, 2007) -- Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, has advised Citigroup Property Investors (CPI), the real estate investment business of Citigroup Inc., in the formation and final closing of a $1.29 billion fund to invest in real estate and related assets in the Asia-Pacific region.

The new fund, CPI Capital Partners Asia Pacific L.P., is Citigroup Property Investors' first fund to invest in real estate in Asia. The fund will primarily focus on real estate investments in China and India. Citigroup has committed $200 million to the fund, which will be managed by a Hong Kong-based team.

The final closing of the Asia fund comes on the heels of the creation of a €1.163 billion Europe Fund that Paul Hastings advised CPI on, which had its final closing in November 2006. 

The Paul Hastings team on the Asia Fund was led by Joshua Sternoff, partner, and included partners Joe Opich, Neil Torpey and Scott Saks, and associates Lung-Chi Lee, Debbie Nwaobi, Donna Yip and Friedemann Thomma. The Europe Fund was also led by Joshua Sternoff, partner, and included partners Justin Hamer, Mark Eagan, Andy Short and Scott Saks, and associates Carl Pastars, Jonathan Shenkman, Donna Yip, Debbie Nwaobi and Freidemann Thomma.

About Citigroup Property Investors. Citigroup Property Investors (CPI) is the real estate investment management business of Citigroup. A unit of Citigroup Alternative Investments, CPI invests its clients' capital in private market real estate investment strategies designed with the objective to produce attractive absolute and risk-adjusted returns in North America, Europe and Asia, along with liquid public market domestic and global real estate securities investment strategies.

About Paul Hastings' Private Investment Fund Practice: Paul Hastings has a sophisticated practice in representing sponsors of and investors in private investment funds, including real estate, venture capital, buyout, distressed debt, hedge funds and other sophisticated alternative investment strategies.  This practice group is integrated with the Firm's global tax, securities, lending, ERISA and other regulatory practices to provide clients with full service expertise on legal and market issues associated with private funds.

Paul Hastings Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,100 attorneys in 18 offices. The firm serves a diverse client base including many of the  leading global financial institutions and Fortune 500 companies and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at www.paulhastings.com.

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