Singapore’s GIC Pte has agreed to buy IndCor Properties Inc from private equity firm Blackstone Group LP for $8.1 billion, both companies said.
IndCor had recently planned a public listing at the same valuation, but following the deal it will no longer be pursuing a listing.
IndCor owns and operates a portfolio of 117 million square feet of high-quality industrial properties in key markets throughout the United States.
Its 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 and distribution networks, as well as large population concentrations, the statement from Blackstone added.
The company’s properties include a 16.3 million-square-foot portfolio from DEXUS Property Group and a 23.3 million-square-foot CalWest portfolio from Walton Street Capital.
“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,” Tim Beaudin, IndCor CEO, said.
The company’s properties also include a 16.3 million-square-foot portfolio from DEXUS Property Group and a 23.3 million-square-foot CalWest portfolio from Walton Street Capital.
This deal is the latest in the Singapore’s sovereign wealth fund GIC’s real estate-related investment spree.
Last month GIC had forayed into New Zealand by setting up a real estate joint venture with Goodman Property. In October, it had concluded a series of real estate deals, including making its first corporate investment in Turkey, where it bought a minority stake in Istanbul-based Rönesans Gayrimenkul Yatirim (RGY) for €250m ($312.4 million).
In October, the fund had also bought a building in Tokyo – Pacific Century Place Marunouchi – for $1.7 billion from Secured Capital Japan Co., the real estate arm of Hong Kong-based alternative-asset manager PAG.
In September this year, Singapore state fund along with two Canadian pension funds invested $700 million in Greenwich-based XPO Logistics Inc., that in into airfreight forwarding and warehouse management.
GIC has a history of buying real estate assets from Blackstone, the world’s largest PE firm. Last year, in a $2.7 billion deal, the Singapore fund bought 50% of Blackstone’s stake in London’s Broadgate office.
According to the company website, Chicago-based IndCor was formed in 2010 as a portfolio company of The Blackstone Group L.P and operates in 29 key markets in 23 states.