SINGAPORE - Singapore sovereign wealth fund GIC Pte is leading a consortium to buy U.S.-based IndCor Properties from Blackstone Group in a deal valued at about US$8 billion (S$10.32 billion) including debt, a person familiar with the matter said on Tuesday.

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 the company 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.

"Talks are still ongoing, we don't know whether there will be a deal yet," said the person, who declined to be identified as the discussions are confidential.

A spokeswoman for GIC declined to comment, while Blackstone did not reply to an email seeking comment sent after business hours in New York.

Chicago-based IndCor said in September it had filed with the Securities and Exchange Commission for an initial public offering. GIC is seeking US$5 billion in debt to finance the acquisition, Bloomberg reported on Nov. 4.

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