CHICAGO—Global Logistic Properties Ltd. said Thursday it had reached agreements to syndicate most of its 55% stake in the former IndCor industrial portfolio, which GLP and Singapore's sovereign wealth fund acquired from the Blackstone Group earlier this year for $8 billion. The introduction of three capital partners into GLP US Income Partners I will cut GLP's stake in the 115-million-square-foot portfolio from 55% to 10%; the Singapore-listed logistics facilities landlord remains the sole asset manager.

The company did not disclose the identities of its new capital partners, other than to identify them as two institutional investors from Asia—one of which is new to GLP's fund management platform—and one from North America. Nor did GLP disclose the value of the syndication; in a regulatory filing, the company says it's an aggregate total of $1.47 billion for the 45% stake.

The offering for GLP US Income Partners I was oversubscribed “with significant investor interest,” says Ming Mei, GLP's CEO. “This draws on our longstanding relationships with leading institutions and strong management capabilities. The fund management platform is one of GLP's main sources of capital to fund growth. We remain focused on further expanding our fund management platform and driving higher risk-adjusted returns.”

GLP expects to close on the syndication by August, subject to regulatory approval. The portfolio is 92% leased as of the end of the first quarter, up from 91% of the end of Q1, and is concentrated in locations with higher barriers to entry. Twenty-six of the 29 markets represented in the portfolio boast populations of one million or greater. Blackstone assembled the IndCor portfolio via its Blackstone Real Estate Partners VI and VII funds beginning in 2010.

When GLP and GIC Pte. Ltd., Singapore's SWF, 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 its 45% stake in the portfolio.