GIC-Led Group Seeks Billions for Blackstone’s IndCor
Posted on 11/04/2014
The Blackstone Group is nearing a deal to exit Chicago-based IndCor Properties Inc, a massive holder of American industrial properties such as warehouses. An investor group led by Singapore’s GIC Private Limited may pay an excess of US$ 8 billion for IndCor. The group is looking to raise US$ 5 billion in debt to fund the deal.
Blackstone has been agnostic on whether to take IndCor public or sell it privately to large investors. IndCor could still proceed with an initial public offering should the GIC-led group fail to acquire. Indcor has around 118 million square feet worth of warehouses scattered throughout the U.S. All of the industrial properties are 100% owned by IndCor (no joint ventures or co-investment structures.)
Mega sovereign wealth funds such as the China Investment Corporation, GIC Private Limited, Hong Kong Monetary Authority and Abu Dhabi Investment Authority are large investors in Blackstone’s real estate funds.
In 2010, IndCor was formed as a portfolio company of Blackstone, structurally as an internally-managed real estate investment trust (REIT.)
Initial Public Offerings
| Blackstone’s Recent Real Estate IPOs |
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| Brixmor Property Group Inc. |
| Extended Stay America Inc. |
| Hilton Worldwide Holdings Inc. |
| La Quinta Holdings Inc. |
- Blackstone Group
- Government of Singapore Investment Corporation
- IndCor
- Logistics
- real assets
- Real Estate
- Singapore