NEW YORK (TheStreet) -- Shares of Blackstone Group (BX) are up 1.58% to $33.37 in pre-market trade after it was reported that GIC Pte. Ltd., Singapore's sovereign-wealth fund, is making a major push into the U.S. industrial real-estate market by buying IndCor Properties from the company for $8.1 billion, the Wall Street Journal reports.
Blackstone announced late yesterday that it has agreed to sell IndCor to affiliates of GIC. IndCor owns and operates a portfolio of 117 million square feet of industrial space in markets throughout the U.S.
Blackstone built IndCor through a series of acquisitions, many of them made for discount prices during the downturn. The private-equity giant had been planning to sell IndCor in an initial public offering but decided instead to sell to GIC to take advantage of strong demand for commercial real estate among domestic and foreign investors, the Journal said.
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TheStreet Ratings team rates BLACKSTONE GROUP LP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate BLACKSTONE GROUP LP (BX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."