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Monday, December 1, 2014

Blackstone to sell IndCor Properties to Singapore's GIC for $8.1 bln, (NYSE: BX)

Blackstone Group LP said it would sell its U.S. industrial platform IndCor Properties to affiliates of Singapore sovereign wealth fund GIC Pte Ltd for $8.1 billion. As a result of the deal, IndCor will no longer be pursuing an initial public offering, Blackstone said in a statement.

The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 2.0% or $-0.67/share to $32.85. In the past year, the shares have traded as low as $26.56 and as high as $36.08. On average, 4885900 shares of BX exchange hands on a given day and today's volume is recorded at 7851010.