NEW YORK CITY—The Blackstone Group said lateMonday night it would sell IndCor Properties, its117-million-square-foot industrial platform, to Singapore'ssovereign wealth fund for $8.1 billion. The saleto GIC Pte. Ltd., which is expected to close inthe first quarter of 2015, ranks among the largest industrialproperty transaction on record and puts to rest months ofspeculation about the asset management giant's disposition plansfor IndCor.

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

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