This article is from the Australian Property Journal archive
ASIA Pacific Data Centre has found an overseas player to buy its data centres for $280 million, a $67.2 million or $31.6% premium to valuation, on an initial yield of 5%.
APDC said it will enter into a 21 day exclusive due diligence period with a preferred party to purchase the portfolio, which comprises three data centres located in Sydney, Melbourne and Perth – all leased to NextDC Limited (ASX: NXT).
NextDC is the tenant of each of the data centres and, under the leases, it has first rights.
The proposed sale follows a prolonged battle between Tony Pitt’s 360 Capital Group and NextDC and comes after NextDC rejected the offer last month to buy the three sites for $300 million on a yield of 4.69%.
The ball is now in NextDC’s court, if it does not make an offer within 20 business days of receiving APDC’s offer, for the next 180 days APDC is free to sell the portfolio for $280 million or more.
Australian Property Journal
