Citigroup Inc., unloading assets to trim debt, is in advanced talks to sell its global real-estate investment unit, according to two people familiar with the matter.

Citigroup has selected a short list of final bidders for Citi Property Investors, said the people, who declined to be identified because the discussions are private. The unit owns commercial property in the U.S., Europe and Asia valued at $5bn to $10bn, one of the people said. New York-based Citigroup valued the unit’s capital and real-estate assets at $12.5bn as of June, according to its Web site.