GIC to buy indutrial property operator IndCor for $10.6b

IndCor will no longer pursue an IPO.

Blackstone today announced that funds affiliated with Blackstone Real Estate Partners VI & VII have agreed to sell their wholly-owned U.S. industrial platform, IndCor Properties, to affiliates of GIC, Singapore’s sovereign wealth fund, for US$8.1 billion ($10.6b).

In a release, Blackstone stated that as a result of this transaction, IndCor will no longer be pursuing an IPO.

IndCor owns and operates a portfolio of 117 million square feet of high-quality industrial properties in key markets throughout the United States.

SGX Mainboard-listed Global Logistic Properties earlier denied entering a deal to purchase IndCor.

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