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.

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