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.”

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