Global Logistic Properties, GIC to acquire IndCor Properties for $10.7b

The transaction will be completed in 1H15.

Global Logistic Properties (GLP) has revealed that it is co-investing with sovereign wealth fund GIC to acquire IndCor Properties (IndCor), one of the largest industrial platforms in the US for $10.7b (US$8.1 billion).

Early last week, GLP denied a media report that it has entered a deal to acquire IndCor, which is owned by global investment firm Blackstone.

IndCor’s platform comprises approximately 117 million square feet of industrial properties in key markets throughout the United States.

The transaction is expected to be completed in the first quarter of 2015. GLP will initially hold a 55% stake, and GIC the remaining 45%.

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