As a result of the deal, IndCor will no longer pursue an initial public offering filed in September, Blackstone said in a statement.

Reuters reported in November that GIC was leading a consortium to buy IndCor from Blackstone in a deal valued at about $8 billion including debt.

Chicago-based IndCor was formed in 2010 as a portfolio company of Blackstone and has a footprint of warehouses and distribution centres across the United States, according to its website.

GIC has stepped up its real-estate purchases in recent months, buying office buildings in Tokyo and investing in Australian student accommodation as a way to diversify its portfolio and secure better yields.

GIC is estimated by the Sovereign Wealth Fund Institute to manage around $320 billion in assets. Real estate accounted for 7 percent of its portfolio in the financial year to April 1, according to its annual report.

The deal is expected to close in the first quarter of 2015. Eastdil Secured, a unit of Wells Fargo & Co, Citigroup, Barclays and RBC Capital Markets acted as advisers to Blackstone.

(Reporting by Neha Dimri in Bengaluru and Saeed Hasan in Singapore; Editing by Gopakumar Warrier)