Singapore’s GIC Pte agreed to buy IndCor Properties Inc. from BlackstoneGroup LP for $8.1 billion, expanding in the U.S. market for industrial real estate.

The purchase is expected to close in the first quarter, Blackstone said in a statement today. The agreement ends the prospect of an initial public offering for IndCor, which had been planning a share sale valuing the company at about $8 billion, people with knowledge of the matter said in August.

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