Blackstone selling IndCor Properties for $8.1B

NEW YORK — The Blackstone Group has canceled an initial public offering for IndCor Properties and will instead sell the industrial real estate company to Singapore’s sovereign wealth fund for $8.1 billion.

Chicago-based IndCor owns a portfolio of industrial properties in key markets throughout the U.S. The company was created in 2010 as a portfolio company of The Blackstone Group, according to the company’s website.

The sale to affiliates of Singapore’s GIC is expected to close in the first quarter of next year.

The Blackstone Group LP, an investment and advisory firm, is based in New York.