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GIC to buy IndCor from Blackstone for $8.1 bln

Blackstone said late Monday that it has agreed to sell IndCor Properties to GIC, Singapore’s sovereign wealth fund, for $8.1 billion. IndCor, as a result, will no longer be pursuing an IPO, the statement said. IndCor owns and operates a portfolio of 117 million square feet of industrial properties throughout the United States. Eastdil Secured, Citigroup, Barclays and RBC Capital Markets acted as advisors to Blackstone.

PRESS RELEASE

New York, New York, December 1, 2014 – Blackstone (NYSE:BX) today announced that funds affiliated with Blackstone Real Estate Partners VI & VII have agreed to sell their wholly-owned U.S. industrial platform, IndCor Properties (“IndCor”), to affiliates of GIC, Singapore’s sovereign wealth fund, for $8.1 billion.  As a result of this transaction, IndCor will no longer be pursuing an IPO.  IndCor owns and operates a portfolio of 117 million square feet of high-quality industrial properties in key markets throughout the United States.  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.

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.”

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

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has more than $80 billion in investor capital under management.  Blackstone’s real estate portfolio includes hotel, office, retail, industrial and residential properties in the U.S., Europe, Asia and Latin America.  Major holdings include Hilton Worldwide, Invitation Homes (single family homes), Logicor (pan-European logistics), SCP (Chinese shopping malls), and prime office buildings in the world’s major cities.  Blackstone real estate also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust (