Global Logistic Properties (GLP) and Singapore's sovereign wealth fund completed the acquisition this week of IndCor Properties, the Chicago-based industrial landlord. Blackstone announced this past December that Blackstone Real Estate Partners VI & VII had agreed to sell IndCor Properties to affiliates of GIC, Singapore's sovereign wealth fund, for $8.1 billion. The portfolio, which spans 26 U.S. markets, including Chicago, is 91% leased, according to Global Logistic.
Ming Z. Mei, GLP's CEO, says the acquisition, which represented a significant discount to replacement cost, establishes "immediate scale in the US" for his company, along with "a strong platform for future growth. It is consistent with our strategy to operate in the best markets globally and to grow our fund management platform. Given the quality and the strong market fundamentals, we are confident that we can increase the lease ratio and capture positive leasing spreads in the near future. The strong existing US team which joins GLP further strengthens our team."
When GLP and GIC, Singapore's sovereign wealth fund, announced their acquisition this past December, Tia Miyamoto, regional head, Americas, GIC Real Estate, said the two companies bought the IndCor platform because it's "an attractive point in the recovering US industrial market cycle. As a long-term investor, we believe this investment will achieve stable income growth and will allow us to add value over the long run." GIC will maintain a 45% stake in the portfolio.
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