Global colocation provider Equinix has bought a new data center in Frankfurt from private equity firm GI Partners. Equinix paid $28 million for the facility GI originally acquired in 2004, the seller said in a statement. The 310,000-square-foot facility houses 96,000 square feet of raised-floor space.

The Frankfurt data center is the last of 25 "technology buildings" GI bought through its debut fund. With the sale to Equinix, the fund has realized more than $1 billion in cash proceeds after an initial equity investment of $280 million, according to a GI statement. The firm contributed 21 of the properties to the formation of San Francisco-based REIT Digital Realty Trust, whose current enterprise value is about $6 billion.

"We are delighted to be announcing the sale of the Frankfurt data center," GI Executive Managing Director Rick Magnuson said in a statement. "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."

The firm has recently raised Fund III, from which it is currently making investments. Several private equity and real estate investors have committed a total of $2 billion in capital to the fund, the most recent investment being $116 million by the Santa Monica, Calif.-based shopping mall operator Macerich.

"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," Magnuson said. "We are off to a great start in Fund III, with approximately 20% of the committed capital already invested and have a strong pipeline of opportunities."