NextDC hesitates at $280 million offer to acquire data centres back from Asia Pacific Data Centres

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NextDC hesitates at $280 million offer to acquire data centres back from Asia Pacific Data Centres

NextDC has hesitated at the potential offer to buy back three of its data centres for $280 million, but said it would consider a possible acquisition.

Late Thursday afternoon, Asia Pacific Data Centres, the property trust that owns three of NextDC's data centres in Sydney, Melbourne and Perth, announced it was putting its entire portfolio up for sale for $280 million.

As the current tenants of the properties, NextDC will be given the first opportunity to acquire the trust. NextDC issued a statement today saying that it wouldn't be prepared to buy the properties at the current asking price based on limited information, but it is yet to receive its first refusal notice.

NextDC has also begun proceedings to wind up the trust, which has received support by APDC's major shareholder 360 Capital.

APDC's board also revealed that it had entered into exclusivity talks with a preferred party to buy the trust, which intends to wind up APDC after the sale.

[Read more: NextDC vs 360 Capital: how it happened]

360 Capital has invested $142.2 million in progressively buying up shares in APDC, which now sits at 67.3 percent. While 360 Capital initially intended to actively manage the data centre business, the company now says it would support the takeover and subsequent winding up at the $280 million asking price.

The investment firm said it will make a special distribution of 12 cents per APDC share if the acquisition goes through, and will use its $120 million in cash from the proceeds to pursue other opportunities.

If the sale goes through at $280 million, 360 Capital will have made a $27.9 million profit above costs on its investment.

NextDC has 20 days after receiving the offer to accept it or let it go to another potential bidder.

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