Acquisition activity heats up in A-REITs

Acquisition activity was strong in the listed A-REIT space with 360 Capital (ASX Code: TGP) confirming its latest $1.95 per unit cash bid in its ongoing negotiations to acquire Asia Pacific Data Centres (ASX Code: AJD). The offer exceeds a $1.87 per unit offer by the tenant, NextDC (ASX: NXT) and has been recommended by the AJD Board in the absence of a superior offer. The takeover has been in play since May 2017 with TGP currently owning 19.8% of the units and NXT owning 29.2% of AJD.