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Blackstone finds new asset exit - GIC's door

Published Wed, Dec 3, 2014 · 09:50 PM

Hong Kong

BLACKSTONE and GIC have struck a new sort of partnership. The Singaporean wealth fund typically invests in the private equity firm's funds and alongside them in acquisitions. Their latest deal suggests GIC also is keen to buy from Blackstone.

The firm led by Steve Schwarzman is selling US industrial property rollup IndCor to GIC affiliates for US$8.1 billion, less than a year after the two shook hands on a big London office deal. Though it's tempting to think one side is getting the better of the other, divergent investment goals could mean both sides prosper.

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