Bloomberg News reports that Blackstone, the world’s largest manager of alternative assets such as private equity and real estate, said this week that it will sell IndCor to the sovereign-wealth fund for $8.1bn.
The deal pre-empted a planned initial public offering for the property company, which said in September it had confidentially filed with the Securities and Exchange Commission to go public as a real estate investment trust.
The GIC transaction is Blackstone’s largest-ever private sale of a property holding, said the person with knowledge of the matter, who asked not to be named because the financial details are private. The deal will more than double the value of the firm’s equity investment in IndCor, the person said. Peter Rose, a Blackstone spokesman, declined to comment.
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