GIC to buy industrial real estate firm IndCor from Blackstone Group for $8.1 bn
02 Dec 2014
Singapore's sovereign wealth fund GIC Pte Ltd today struck a deal to buy US-based industrial real estate company IndCor Properties from private equity firm Blackstone Group, for $8.1 billion.
As a result of this transaction, IndCor will no longer be pursuing an IPO, Blackstone said in a statement.
IndCor owns and operates a portfolio of 117 million square feet of high-quality industrial properties in key markets throughout the US.
The Chicago-based company's assets are mainly located in 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.
Blackstone started building IndCor in 2010, in the aftermath of the financial crisis when the decline in property prices created acquisition opportunities from distressed sellers.
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.''
With the rising demand for industrial space from e-commerce sites and others GIC has been buying warehouses across the US.