Blackstone Sells IndCor for $8.1B; Buys Assets in Portugal

Blackstone Sells IndCor for $8.1B; Buys Assets in Portugal

The Blackstone Group L.P. (NYSE:BX) announced that its affiliate funds—Real Estate Partners VI and VII agreed to sell IndCor Properties for $81.billion to the affiliates of GIC, a sovereign wealth fund in Singapore.

IndCor Properties is a warehouse landlord, which owns 117 million square feet of high-quality industrial properties in key markets across the United States.  The Blackstone Group L.P. (NYSE:BX) said the assets of Incor Properties are primarily located in desirable in-fill industrial markets.

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Its assets benefit from proximity to key domestic and global transportation hubs, major logistics and warehouse/distribution networks and large population concentration.

IndCor Properties CEO Tim Beaudin 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.”

The Blackstone Group L.P. (NYSE:BX) said IndCor Properties will no longer pursue an initial public offering (IPO) as a result of the transaction, which is expected to close in the first quarter of 2015.

Blackstone acquires logistics assets in Portugal

Separately, The Blackstone Group L.P. (NYSE:BX) acquired its first logistics assets in Portugal.

Blackstone Real Estate Partners Europe IV made the investment for its European logistics platform, Logicor.  The firm acquired a portfolio of five high-quality logistics assets from the funds managed by Novo Banco Group through Espírito Santo Fundos de Investimento Imobiliário (ESAF).

Logicor President and CEO Mo Barzegar said, “Growth in Portugal will improve export performance and consumer confidence, which in turn will drive increased demand for modern logistics space in the greater Lisbon area. This transaction broadens our product offering, deepens our customer relationships and is consistent with our strategy of investing in key logistics locations in proximity to major urban and metropolitan areas.”

Blackstone buys retail assets in Portugal

Furthermore, The Blackstone Group L.P. (NYSE:BX) through Blackstone Real Estate Partners IV purchased five retail assets in Portugal for Multi Corporation, its retail platform.

Multi Corporation is one of the leading owners and managers of shopping centers in Europe. The company already owns Forum Sintra in the Lisbon region.

The Blackstone Group L.P. (NYSE:BX) said the portfolio consists of 65,000 square meters of retail space primarily located in and around Lisbon. Multi Corporation CEO Jaap Blokhuis said, “These assets have dominant market positions.  We will apply our skills and experience as a leading pan-European operator to invest in them and to further improve their offer for retailers and local consumers.”

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