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Tuesday, November 4, 2014

Singapore's GIC-led group in talks to purchase IndCor from Blackstone-source, (NYSE: BX)

Singapore sovereign wealth fund GIC Pte is leading a consortium to purchase U.S.-based IndCor Properties from Blackstone Group 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 centres 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."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.

The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.6% or $0.18/share to $30.30. In the past year, the shares have traded as low as $25.60 and as high as $36.08. On average, 4791420 shares of BX exchange hands on a given day and today's volume is recorded at 5303439.