Blackstone Real Estate Partners has sold its US logistics platform IndCor Properties for $8.1 bn (€6.6 bn) to Singapore’s sovereign wealth fund GIC.
Blackstone Real Estate Partners has sold its US logistics platform IndCor Properties for $8.1 bn (€6.6 bn) to Singapore’s sovereign wealth fund GIC.
IndCor owns and operates a portfolio of industrial properties in the US covering a total area of 10.9 million m2.
Tim Beaudin, CEO of IndCor, said: ‘We built IndCor through 18 acquisitions to be one of the largest industrial real estate companies in the US. We are excited about the company’s future prospects under new long-term ownership with GIC.’
The sale helps fuel speculation as to how Blackstone might eventually spin-off its European logistics vehicle, Logicor, which is currently in the initial portfolio-building stage of its development. A sale or IPO would are the most obvious options.
Logicor was founded in 2012 to manage and grow Blackstone's logistics holdings in Europe. Headed by former AMB Europe CEO Mo Barzegar, Logicor has invested more than €1 bn in the first half of 2014 across nine European countries, and has since made significant acquisitions in Spain and Portugal.