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Singapore’s sovereign wealth fund GIC has agreed to buy IndCor Properties from Blackstone Group for US$8.1 billion (S$10.6 billion), a move to expand in the US industrial real estate market.
The sale was announced on 2 December, and according to Blackstone, the purchase is expected to close in the first quarter of next year. The group also said itwill no longer pursue an initial public offering for IndCor filed earlier in September.
IndCor owns and operates a portfolio of 117 million sq ft of industrial properties in key markets throughout the US.
In a statement to the media IndCord CEO Tim Beaudin said: Tim Beaudin, IndCor CEO, said: “We built IndCor through 18 acquisitions to be one of the largest industrial real estate companies in the United States. We are excited about the company’s future prospects under new long-term ownership with GIC.”
Created in 2010, IndCor owns and operates a portfolio of 117 million sq ft of industrial properties in key markets throughout the US.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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