Blackstone Said to Seek $1 Billion From Industrial IPO
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Blackstone Group LP is planning to take its industrial-property unit public this year to raise about $1 billion, said a person with knowledge of the proposed transaction.
The initial public offering would value IndCor Properties Inc. at about $8 billion, said the person, who asked not to be identified because the information is private. That would make IndCor the largest “pure-play” U.S. industrial real estate investment trust, said Eric Frankel, an analyst at property research firm Green Street Advisors Inc.