Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

FRANKFURT-The California-based private equity firm GI Partners has sold the last European asset from its debut Fund 1, a data center in Frankfurt, and said the sale completes a realization of over $1 billion in cash proceeds on an initial equity investment of $280 million, giving a 3.7x multiple to invested capital and a 60% gross internal return of investment.

The data center was sold for $28 million to Equinix Holding, a Dutch-registered subsidiary of the NASDAQ-listed Equinix group. Acquired in June 2004, it comprises around 29,000 square meters in total and 9,000 square meters of raised floor space. Fund 1 at its peak held 25 technology buildings, of which 21 were later contributed to the formation of Digital Realty Trust, now a NYSE-listed REIT with an enterprise value of some $6 billion.

Other GI Partners Fund I properties sold include Sunset Gower Studios, located in Hollywood, CA, and Yates Group, a pub operator with locations throughout the UK. GI is currently investing out of its recently-raised GI Partners Fund III, which has secured $2bn of capital commitments from leading institutional private equity and real estate investors.