GIC group to buy Blackstone's IndCor U.S. property platform for US$8.1 billion

Bloomberg

Singapore sovereign wealth fund GIC, through its affiliates, will acquire IndCor Properties and its portfolio of 117 million square feet of industrial U.S. properties from Blackstone Group for US$8.1 billion.

A Blackstone news release said the purchase of the firm's wholly owned U.S. industrial platform, cobbled together by 18 acquisitions from Blackstone Real Estate Partners VI and VII, should close during the first quarter of 2015.

A Singapore-based spokeswoman for GIC confirmed the sovereign wealth fund's investment in IndCor.

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