×

Singapore's GIC-led group in talks to buy IndCor from Blackstone: Source

An employee is silhouetted against the logo for the Government of Singapore Investment Corp. (GIC) during GIC's staff conference, in Singapore.
Bloomberg | Bloomberg | Getty Images
An employee is silhouetted against the logo for the Government of Singapore Investment Corp. (GIC) during GIC's staff conference, in Singapore.

Singapore sovereign wealth fund GIC is leading a consortium to buy U.S.-based IndCor Properties from Blackstone in a deal valued at about $8 billion including debt, a person familiar with the matter said on Tuesday.

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

GIC has stepped up its real estate purchases in recent months, buying office buildings in Tokyo and investing in Australian student accommodation as a way to diversify its portfolio and secure better yields.

Read More The wealth funds clinching the most deals are …

"Talks are still ongoing, we don't know whether there will be a deal yet," said the person, who declined to be identified as the discussions are confidential.

A spokeswoman for GIC declined to comment, while Blackstone did not reply to an email seeking comment sent after business hours in New York.

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 MoreSingapore GIC gives private equity firms a run for their money

GIC is estimated by the Sovereign Wealth Fund Institute to manage around $320 billion in assets. Real estate accounted for 7 percent of its portfolio in the financial year to April 1, according to its annual report.