Blackstone selling IndCor Properties to GIC for $8.1 billion

The Blackstone Group has cancelled 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.

IndCor owns a portfolio of industrial properties in key markets throughout the U.S. The Chicago concern 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.