CHICAGO—The Blackstone Group has formally exited its IndCor Properties industrial platform as a partnership of Global Logistic Properties Ltd. and GIC Pte. Ltd. has taken control. The partnership, which paid $8.1 billion for the IndCor business, is rebranding the platform as GLP.

GLP, based in Singapore, will manage the 117-million-square-foot portfolio via the current IndCor team. The deal brings GLP's assets under management to $20.4 billion globally and also increases the portfolio size by about 25% from its current 312 million square feet across China, Japan and Brazil.

However, its 55% stake in the platform is only temporary. The company expects to reduce its stake to 10% by August as part of its strategy to expand its fund management platform, syndicating the balance of the stake to like-minded investors. The syndication currently is oversubscribed, says GLP.

Ming Z. Mei, GLP's CEO, says the acquisition, which represented a signficiant discount to replacement cost, establishes “immediate scale in the US” for his company, along with “a strong platform for future growth. It is consistent with our strategy to operate in the best markets globally and to grow our fund management platform. Given the quality and the strong market fundamentals, we are confident that we can increase the lease ratio and capture positive leasing spreads in the near future. The strong existing US team which joins GLP further strengthens our team.”

The IndCor portfolio was assembled by Blackstone via its Blackstone Real Estate Partners VI and VII funds beginning in 2010. It spans key markets across the US with access to domestic and global transportation hubs. It was 91% leased as of Jan. 31; GLP is focusing in the near term on increasing occupancy.

When GLP and GIC, Singapore's sovereign wealth fund, announced their acquisition this past December, Tia Miyamoto, regional head, Americas, GIC Real Estate, said the two companies bought the IndCor platform because it's “an attractive point in the recovering US industrial market cycle. As a long-term investor, we believe this investment will achieve stable income growth and will allow us to add value over the long run.” GIC will maintain a 45% stake in the portfolio.