GI Partners plans to build up a EUR 300 mln real estate portfolio in Munich through its Elystan investment platform. On Monday GI Partners, a private equity investor focused on European and North American real estate, announced that Elystan has acquired the 21,000-m2 F10 office building, the platform's second deal in under a year. The investment volume was not disclosed.

Located at Feringa Strasse 10-12, F10 was completed in 2004 and is currently 50% occupied. The vendor was a joint venture between German property companies Stiller Immobilien, based in Frankfurt, and Drees & Sommer, based in Stuttgart.

Elystan was founded in January 2010 by GI Partners and German real estate veteran Keith Fischer. The firm seeks to acquire high-quality commercial real estate in Munich where value can be added by pro-active asset management or the injection of additional funds for capital expenditure.

Daniel Schuldig, head of GI Partners' German office said, 'With this transaction Elystan further solidifies itself as a serious participant in the Munich real estate market. GI Partners plans to deploy significantly more capital through the Elystan platform to build a portfolio of at least EUR 300 mln in value over the next few years.'

The transaction was funded by capital from GI Partners Fund III and debt financing was provided by HSH Nordbank.

GI Partners is currently investing through GI Partners Fund III, which has $1.9 bn (EUR 2.1 bn) of capital commitments from institutional investors. The fund is about 70% invested. GI Partners has a total of $6 bn of capital under mnagement in the US and Europe.