By Peter Grant
Blackstone Group LP has reached a binding deal to sell its
portfolio of U.S. industrial property to a venture including GIC
Pte Ltd and Global Logistic Properties Ltd., for $8.1 billion,
according to people familiar with the matter.
Blackstone has been accumulating the 117 million square feet of
industrial property throughout the U.S. for a number of years,
picking up much of it during the downturn for discount prices. The
private equity giant had been considering selling the company,
named IndCorp Properties, via an initial public offering.
But Blackstone decided instead to sell into the hot commercial
real-estate market, which is seeing both domestic and foreign
investors pay up for property. The sale of IndCorp, which is
expected to be announced as early as Monday, is one of the largest
sales of industrial property ever and expected to close in the
first quarter of 2015.
Global Logistic Properties is one of the largest owners of
warehouses and other industrial property in Asia and has had close
ties to GIC. The Singapore sovereign-wealth fund formed the company
with others after it acquired ProLogis's Asian operations during
the downturn. Global Logistic made an initial public offering on
the Singapore stock exchange in 2010.
Write to Peter Grant at peter.grant@wsj.com
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