02 Dec '14, 11pm

Singapore's GIC Fund Wagers on U.S. Property

ENLARGE A Singapore-led venture is buying IndCor Properties. Above, a Jersey City site owned by IndCor. Michael Albany Photography By Peter Grant Dec. 2, 2014 5:56 p.m. ET 0 COMMENTS Singapore’s sovereign-wealth fund is making a big bet on U.S. industrial property, as a strengthening American economy and the growth of online shopping fuel demand for warehouses and distribution centers. A venture led by GIC Pte. Ltd. is buying IndCor Properties from Blackstone Group LP for $8.1 billion. The deal, announced Monday, is one of the biggest sales of industrial property ever and would put IndCor’s 117 million square feet under GIC’s control. IndCor’s properties are spread throughout the U.S., with many buildings near transportation hubs and population centers in states including California, Texas and New Jersey. The company is the second-largest owner of industrial property in th...

Full article: http://online.wsj.com/articles/singapores-gic-fund-wagers...

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