GIC-led group in talks to buy IndCor from Blackstone for over $10b

It’s seeking $6.5b in debt to fund the acquisition.

The country’s sovereign wealth fund GIC is leading a consortium to buy U.S.-based IndCor Properties from Blackstone Group in a deal valued at about $10.3 billion (US$8b) including debt, a person familiar with the matter said on Tuesday.

According to a report by Reuters, IndCor was formed in 2010 as a portfolio company of Blackstone and has a footprint of warehouses and distribution centres across the United States.

IndCor was formed in 2010 as a portfolio company of Blackstone and has a footprint of warehouses and distribution centres across the United States, according to the company website.

Chicago-based IndCor said in September it had filed with the Securities and Exchange Commission for an initial public offering. GIC is seeking $5 billion in debt to finance the acquisition, Bloomberg reported on Nov. 4.

Read the report in full here.