NEW YORK CITY—The Blackstone Group said late Monday night it would sell IndCor Properties, its 117-million-square-foot industrial platform, to Singapore's sovereign wealth fund for $8.1 billion. The sale to GIC Pte. Ltd., which is expected to close in the first quarter of 2015, ranks among the largest industrial property transaction on record and puts to rest months of speculation about the asset management giant's disposition plans for IndCor.

“We built IndCor through 18 acquisitions to be one of the largest industrial real estate companies in the United States,” says Tim Beaudin, CEO of Chicago-based IndCor. “We are excited about the company's future prospects under new long-term ownership with GIC.”

The possibility of an initial public offering for IndCor, which Blackstone began building in 2010, first surfaced this past August. At that time, Bloomberg reported that an IPO would value Blackstone's industrial property business at $8 billion. However, the company's announcement Monday evening said the sale to GIC meant that “IndCor will no longer be pursuing an IPO.”

The Wall Street Journal reported late Monday evening that GIC's partner in the venture would be Singapore-based Global Logistics Properties Ltd., one of Asia's biggest industrial property owners. However, Global Logistics said in a statement that it “has not entered into any binding agreement” at this time.

Eastdil Secured, Citigroup, Barclays and RBC Capital Markets acted as advisors to Blackstone on the IndCor deal. The platform's industrial portfolio is concentrated mainly in key markets around the US with access to domestic and global transportation hubs.