Blackstone seen making US$2b profit from IndCor deal

New York

BLACKSTONE Group LP stands to make a profit of more than US$2 billion by selling warehouse owner IndCor Properties Inc to Singapore's GIC Pte Ltd, according to a person with knowledge of the matter.

Blackstone, the world's largest manager of alternative assets such as private equity and real estate, said this week that it will sell IndCor to the sovereign-wealth fund for US$8.1 billion. The deal pre-empted a planned initial public offering for the property company, which said in September it had confidentially fil…