Singapore sovereign wealth fund GIC will buy IndCor Properties, one of the biggest industrial landlords in the United States, from parent firm Blackstone for a whopping $8.1 billion, the companies said Tuesday.

Blackstone said in a statement posted on its website that the deal is expected to close in the first quarter of next year.

It said that as a result of the transaction, Chicago-based IndCor will no longer be pursuing an initial public offering.

“GIC confirms the investment in IndCor,” a spokeswoman for the Singapore fund told AFP.

“We built IndCor through 18 acquisitions to be one of the largest industrial estate companies in the United States. We are excited about the company’s future prospects under new long-term ownership with GIC,” IndCor chief executive Tim Beaudin said in the statement.

According to Blackstone, IndCor “owns and operates a portfolio of 117 million square feet (11 million square metres) of high-quality properties in key markets throughout the United States”.

GIC, one of Singapore’s two state-linked investment funds, manages the affluent city-state’s foreign exchange reserves of well above $100 billion.