NEW YORK CITY—The Blackstone Group is reportedly close to selling its industrial platform, IndCor Properties, to a group led by Singapore's GIC Pte. Ltd. Citing an unnamed source familiar with the transaction, Bloomberg reported that the GIC-led group is seeking $5 billion in financing toward what would be an $8-billion deal.

The Wall Street Journal said Tuesday that the group led by GIC, one of Singapore's state investment firms, was in early talks on a possible IndCor acquisition. The industrial property operator, which Blackstone formed in 2010 after a series of investment in the industrial sector, was reportedly preparing for a $1-billion initial public offering that would value IndCor at $8 billion.

Backed by a US industrial portfolio of about 118 million square feet, IndCor's would have been the fifth IPO in the real estate sector from Blackstone since October 2013, following offerings by Brixmor Property Partners, Extended Stay America, La Quinta Holdings and Hilton Worldwide. Blackstone has been reducing its stakes in these companies through stock sales, although it maintains a controlling interest in each.

GlobeSt.com will report on further developments in this story as information becomes available. Blackstone has taken a variety of approaches to exiting its real estate investments; for a more detailed look at how the firm's real estate platform operates, read the digital edition of the Real Estate Forum story.