Blackstone Sells IndCor Properties to GIC for $8B

In one of the largest industrial property transactions to date, Blackstone has agreed to sell IndCor Properties to GIC, Singapore's sovereign wealth fund, for $8 billion.
Tim Beaudin, IndCor Properties

Tim Beaudin, IndCor Properties

In one of the largest industrial property transactions to date, Blackstone has agreed to sell IndCor Properties to GIC, Singapore’s  sovereign wealth fund, for $8.1 billion.

Upon this announcement, IndCor, which operates 117 million square feet of high-quality industrial properties throughout United States, will no longer be pursuing an IPO.

“We built IndCor through 18 acquisitions to be one of the largest industrial real estate companies in the United States,” said Tim Beaudin, IndCor CEO in a news release sent Monday night. “We are excited about the company’s future prospects under new long-term ownership with GIC.”

IndCor’s assets are principally located in desirable in-fill industrial markets, which benefit from proximity to key domestic and global transportation hubs, major logistics and warehouse/distribution networks, as well as large population concentrations, according to the news release.

Closing is expected to occur in the first quarter of 2015. Eastdil Secured (a wholly-owned subsidiary of Wells Fargo & Co.), Citigroup, Barclays and RBC Capital Markets acted as advisors to Blackstone.