Blackstone said stands to gain $2bn deal profit

For Sale

Blackstone stands to make a profit of more than $2bn by selling warehouse owner IndCor Properties Inc. to Singapore’s GIC Pte, according to a person with knowledge of the matter.

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.

To access the complete Bloomberg News article hit the link below:

Blackstone Said to Score $2 Billion Profit on IndCor Sale

Hedge Funds Urged to Beat Benchmarks Before Charging Fees

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts