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GLP closes $8.1 bln buy of IndCor Properties

Global Logistic Properties Limited said Friday it completed its buy of IndCor Properties for $8.1 billion. GLP said it holds a 55 percent stake initially and expects to reduce it to about 10% by August. The portfolio comprises 117 million square feet (11 million square meters) of high quality logistics properties with a diverse customer base. The platform is formerly known as IndCor Properties, a portfolio company wholly owned by Blackstone, and will be rebranded to and managed by GLP.

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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.

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