The long-running battle between 360 Capital and NextDC for the ownership of the Asia Pacific Data Centre trust is drawing to a close, as three agents have been hired to sell the trust’s assets, according to the Australian Financial Review.
The portfolio consists of three data centers, located in Sydney, Melbourne and Perth, all of which are operated by NextDC. The facilities were owned by the company before it decided to sell them in 2013, to liberate capital and build more data centers.
The AU$220m ($169m) trust came under the control of 360 Capital when it put forward a takeover bid greater than that proposed by NextDC earlier this year. 360’s managing director Tony Pitt believes APDC could be worth more than its current valuation.
Thus, Ian Hetherington of Savills and James Quigley and Nick Potter of Cushman Wakefield are to be responsible for the sale of the three data centers.
NextDC still holds 29 percent of the trust, and has so far resisted all decisions made by 360 Capital.
NextDC CEO Craig Scroggie contests the assumption that the portfolio could be worth up to $300m. The number is based on the recent sale of Metronode’s data centers for AU$1.035bn ($800m), supposing that the 4.73 percent capitalization rate on which the Metronode deal was reached could be applied in APDC’s case.
Scroggie told the AFR that the idea was “highly misleading,” stating that Metronode “is a data centre operator like NextDC. It’s not a real estate investment trust,” and that it was unlikely to be worth more than its current valuation.