JLL Jones Lang LaSalle Inc

   By Matthias Rieker 
 

Citigroup Inc. (C) is selling 92 of its retail banking branches in California in a leaseback agreement with Jones Lang LaSalle Inc. (JLL), according to both companies.

The bank is selling the branches to "capitalize on the high demand for well-situated rental properties," a Citigroup spokesman said. Jones Lang said on its website that the branches are in "premier markets" in California, with heavy concentrations in the San Francisco Bay Area, Los Angeles and Orange County.

The Citi spokesman said the proposed sale and leaseback will have no impact on employees or customers. "We will continue to operate the branches after the sale," he said.

Write to Matthias Rieker at matthias.rieker@dowjones.com

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