Blackstone Sells Industrial Platform For $8.1 Billion

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, according to a release.
As a result of this transaction, IndCor will no longer be pursuing an IPO, the release stated.
IndCor owns and operates a portfolio of 117 million square feet of industrial properties in markets throughout the United States. IndCor’s assets are located in 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. All of Indcor’s properties are 100% owned by IndCor, rather than through joint-venture or co-investment structures. In total, IndCor operates in 29 key markets in 23 states.
Some of IndCor’s South Florida properties include:

  •  I-75 Distribution Center in Miramar
  • International Corporate Park in Miami Airport West
  • Miami International Park in Doral

 

“We built IndCor through 18 acquisitions to be one of the largest industrial real estate companies in the United States,” said Tim Beaudin, IndCor CEO. “We are excited about the company’s future prospects under new long-term ownership with GIC.”

Closing is expected to occur in the first quarter of 2015.
Eastdil Secured (a wholly-owned subsidiary of Wells Fargo & Company), Citigroup, Barclays and RBC Capital Markets acted as advisors to Blackstone.
 

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