GIC Private Limited, formerly known as Government of Singapore Investment Corporation, a sovereign wealth fund established by the Government of Singapore, has purchased 14 commercial and industrial properties in Phoenix, Tempe and the West Valley for more than $140 million. GIC, which also owns the Arizona Biltmore Resort & Spa, bought the 14 Valley properties as part of its acquistion of Blackstone Group's IndCor Properties 117 milion-square-foot portfolio, according to a Phoenix Business Journal article. Eastdil Secured (a wholly-owned subsidiary of Wells Fargo & Company), Citigroup, Barclays and RBC Capital Markets acted as advisors to Blackstone.
IndCor's assets are principally located in desirable in-fill industrial markets, which benefit from proximity to key domestic and global transportation hubs, major logistics and warehouse/distribution networks, as well as large population concentrations.
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."
Blackstone announced that funds affiliated with Blackstone Real Estate Partners VI & VII have agreed to sell their wholly-owned U.S. industrial platform, IndCor Properties, to affiliates of GIC, Singapore's sovereign wealth fund, for $8.1 billion.
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