Blackstone to sell IndCor Properties to Singapore's GIC for $10.5 billion

Blackstone Group LP (BX.N: Quote, Profile, Research) said it would sell its US industrial platform IndCor Properties to affiliates of Singapore sovereign wealth fund GIC Pte Ltd for US$8.1 billion (S$10.5 billion).

As a result of the deal, IndCor will no longer be pursuing an initial public offering, Blackstone said in a statement.

IndCor was formed in 2010 as a portfolio company of Blackstone and has a footprint of warehouses and distribution centers across the United States, according to the company website.