Blackstone to sell IndCor Properties to GIC for US$8.1b
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[SINGAPORE] Blackstone Group LP said it would sell its US industrial platform IndCor Properties to affiliates of Singapore sovereign wealth fund GIC Pte Ltd for US$8.1 billion (S$10.6 billion).
As a result of the deal, IndCor will no longer pursue an initial public offering filed in September, Blackstone said in a statement.
Reuters reported in November that GIC was leading a consortium to buy IndCor from Blackstone in a deal valued at about US$8 billion including debt.
Chicago-based IndCor was formed in 2010 as a portfolio company of Blackstone and has a footprint of warehouses and distribution centers across the United States, according to its website.
GIC has stepped up its real-estate purchases in recent months, buying office buildings in Tokyo and investing in Australian student accommodation as a way to diversify its portfolio and secure better yields.
GIC is estimated by the Sovereign Wealth Fund Institute to manage around US$320 billion in assets. Real estate accounted for 7 per cent of its portfolio in the financial year to April 1, according to its annual report.
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The deal is expected to close in the first quarter of 2015. Eastdil Secured, a unit of Wells Fargo & Co, Citigroup, Barclays and RBC Capital Markets acted as advisers to Blackstone.
REUTERS
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