GI Partners buys US data centre through CalPERS real estate fund


Mid-market private equity firm GI Partners has continued its interest in data centres by picking up the 225,000 sq ft Liberty Park at Tysons.

GI bought the US-based asset through the $500m TechCore real estate fund, which it manages on behalf of US pension giant CalPERS.

Rick Magnuson, executive managing director at GI, said, “This was an excellent opportunity for us to acquire a state-of-the-art data center facility that recently underwent a major renovation to support the long term needs of a world class tenant.”

GI has data centre and managed services provider ViaWest in its own portfolio through an investment from its GI Partners III fund in May 2010.

The firm made a 3.7-times return from its investment in a Frankfurt-based data centre when it sold the asset to Equinix for more than $1bn in September 2009.

That sale represented the last exit from the firm’s debut buyout fund raised in 2001.

GI Partners raised a $1.4bn second fund in 2005, and gathered $1.8bn of commitments for Fund III in 2008.

The firm generally targets the IT and business services, healthcare, financial services, leisure, retail, logistics and media sectors.

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