NextDC fends off takeover of data centre trust Asia Pacific Data Centre Group with $29 million acquisition

NextDC has forked out $29 million in an attempt to block a plot to takeover the owner of three of its data centres.

The data centre operator paid $1.78 per security to acquire a 14.1 percent stake in property trust Asia Pacific Data Centre Group. The trust was spun off from NextDC four years ago and trades on the Australian Securities Exchange as AJD.

APDC's sole properties are occupied by NextDC's Sydney (S1), Melbourne (M1) and Perth (P1) data centres. An independent evaluation valued APDC's assets to be worth $207 million.

Investment firm 360 Capital Group acquired a 19.9 percent stake in APDC in May, making it the trust's largest shareholder.

Last month, 360 Capital proposed to replace APDC's board of directors with its own members that would allow it to actively manage the business and invest in the data market in Asia-Pacific.

APDC's board responded last week, rejecting 360 Capital's plans and revealing it was in talks to sell the trust's assets to a third party.

NextDC sided with APDC by buying up a 14.1 percent and told its shareholders it will vote against 360 Capital's proposal with its share.

"NextDC believes that retaining the existing internalised management structure alongside an independent board is in the best interests of AJD security holders and intends to vote its APDC stake against all resolutions contained in the 360 Capital proposal," NextDC said in a statement.

NextDC said it doesn't presently plan to control of APDC or acquire its assets, but "if circumstances change, NextDC will review its options and respond accordingly".

Shareholders will vote whether to replace APDC's board with 360 Capital members on 28 July.