Investors - JANUARY 5, 2015

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GIC partners on global real estate deals

by Jennifer Molloy

GIC, Singapore’s $320 billion sovereign wealth fund, and its affiliates continued to diversify their global real estate holdings via a number of acquisitions and joint ventures during fourth quarter 2014.

The biggest deal involved GIC’s co-investment with Global Logistic Properties to acquire IndCor Properties, one of the largest industrial platforms in the United States, for $8.1 billion. The sellers are funds affiliated with Blackstone Real Estate Partners VI and VII. The platform comprises roughly 117 million square feet of high-quality industrial properties in key U.S. markets. Singapore-based GLP will initially hold a 55 percent stake, and GIC the remaining 45 percent. The deal is expected to close in first quarter 2015, and GLP plans to reduce it

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