03.12.2014 - Its official: GIC to buy Blackstone’s industrial property arm for S$10.6 billion
GIC is acquiring IndCor, the industrial real estate arm of American investment giant Blackstone Group, for US$8.1 billion (S$10.6 billion), the Singapore sovereign wealth fund said yesterday as demand for warehouses and other logistics facilities in the United States climbs from Web retailers and other customers. “GIC confirms the investment in IndCor,” a company spokesperson said in response to a query from TODAY after Blackstone announced the sale. GIC did not give further details. Blackstone started building IndCor in 2010 when the plunge in property values after the global financial crisis created opportunities to acquire assets from distressed sellers. Chicago-based IndCor now owns about 117 million sqf in gross floor area in 29 markets across the US...............................................Full Article: Source
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