Transatlantic private equity firm GI Partners has sold a data centre in Frankfurt, Germany for $28 mln (EUR 19.15 mln) to Equinix (Holding), a wholly-owned subsidiary of NASDAQ-listed Equinix Inc.
Transatlantic private equity firm GI Partners has sold a data centre in Frankfurt, Germany for $28 mln (EUR 19.15 mln) to Equinix (Holding), a wholly-owned subsidiary of NASDAQ-listed Equinix Inc.
The data centre was the last remaining property in GI Partner’s Fund 1. Acquired by GI Partners in June 2004, the centre comprises 28,800 m2 and 8,918 m2 of raised floor space.
The transaction represents the final sale of the 25 technology buildings acquired by GI Partners in its debut fund.
With this sale, the fund has realised over $1 bn (EUR 683 mln) in cash proceeds from these buildings on an initial equity investment of $280 mln (EUR 191 mln). This represents a 3.7x multiple to invested capital and a 60% gross IRR.
GI Partners contributed 21 of these properties to the formation of Digital Realty Trust, now a NYSE-listed REIT with an enterprise value of approximately $6 bn (EUR 4.1 bn).
GI Partners is currently investing its recently raised GI Partners Fund III, which has secured $2 bn (EUR 1.3 bn) of capital commitments from institutional private equity and real estate investors.
