Blackstone announced this week that Blackstone Real Estate Partners VI & VII agreed to sell IndCor Properties to affiliates of GIC, Singapore's sovereign wealth fund, for $8.1 billion. GIC's partner in the acquisition is Global Logistic Properties Ltd., one of the largest owners of warehouses and other industrial property in Asia, according to a Wall Street Journal article. GIC is estimated by the Sovereign Wealth Fund Institute to manage around $320 billion in assets; real estate accounted for 7% of its portfolio in the financial year to April 1, according to its annual report. Closing is expected to occur in the first quarter of 2015. Eastdil Secured, Citigroup, Barclays and RBC Capital Markets acted as advisors to Blackstone in the transaction.
Tim Beaudin, IndCor CEO, said: "We built IndCor through 18 acquisitions to be one of the largest industrial real estate companies in the United States. We are excited about the company's future prospects under new long-term ownership with GIC." As a result of this transaction, IndCor will no longer be pursuing an IPO. The sale is the latest in a string by Blackstone's real estate unit, which has returned more than $16 billion to fund investors since the end of the third quarter of 2013. This year the firm has sold five Boston office buildings totaling 3.3 million square feet, along with shares of hotel operator Extended Stay America Inc., shopping-center owner Brixmor Property Group Inc. and Hilton Worldwide Holdings Inc., according to a Bloomberg report.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment