NEXTDC buys 14.1% stake in Asia Pacific Data Centre

Company News

by Jessica Amir

NEXTDC Limited (ASX:NXT) has acquired a 14.1 per cent interest in real estate investment trust, Asia Pacific Data Centre Group (ASX:AJD) for $29 million.

The data centre and hybrid cloud solution company’s purchase is being funded through its existing cash balance, which recently increased through the $300 million issue of unsecured debt notes.

Asia Pacific Data Centre Group’s sole assets are three data centre properties in Sydney, Melbourne and Perth, which are occupied by NEXTDC, under long-term lease arrangements.

The company says AJD is currently subject to a proposal with its largest security holder, 360 Capital Group.

Shares in NEXTDC Limited (ASX:NXT) last traded at $4.47.
 

Jessica Amir

Finance News Network
Jessica is a senior finance journalist and presents bulletins including the Market Outlook, Market at Midday and Market Wrap. She also interviews ASX CEOs and leading fund managers. She joined FNN in January 2017 with over six years of broadcast journalism experience including with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked in financial planning for over six years with leading wealth managers and in real estate.