(WEB HOST INDUSTRY REVIEW) — Private equity firm GI Partners (www.gipartners.com) announced on Monday it has sold its Frankfurt data center for $28 million to Equinix (Holding) BV, a wholly owned subsidiary of Equinix (www.equinix.com).
Acquired in June 2004, the data center is GI’s last remaining Fund I property. The facility consists of 310,000 gross square feet and 96,000 net square feet of raised floor space.
This transaction is the final sale of the 25 technology buildings acquired by GI Partners in its debut fund, which is now valued at over $1 billion in cash.
This is a significant return on investment for GI, as its initial equity investment for the 25 buildings was $280 million.
The firm contributed 21 of these properties to the formation of Digital Realty Trust, which is now valued at $6 billion.
Other GI Partners Fund I properties previously sold include Sunset Gower Studios, located in Hollywood, and Yates Group, a pub operator with locations throughout UK.
GI Partners is currently making investments from its recently raised GI Partners Fund III, which has secured $2 billion of capital from institutional private equity and real estate investors.
“We are delighted to be announcing the sale of the Frankfurt Data Center,” says Rick agnuson, executive managing director of GI Partners. “The return we have delivered to date from our Fund I is well in excess of the market average and demonstrates the success of our investment strategy. As we embark on Fund III, we are well positioned to leverage the success we’ve achieved from both our Fund I and Fund II investments. We are off to a great start in Fund III, with approximately 20 percent of the committed capital already invested and have a strong pipeline of opportunities.”
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