08 Jan 2013

Clayton Utz acts on successful $115 million IPO of Australia's first listed data centre REIT

Brisbane, 8 January 2013: Clayton Utz has advised ASX-listed NEXTDC Limited on the $115 million initial public offering (IPO) of the Asia Pacific Data Centre Group (APDC), Australia's first listed data centre real estate investment trust (REIT).

The transaction was effected through the sale and leaseback of a portfolio of NEXTDC's data centre properties in Melbourne, Sydney and Perth, which completed in December following NEXTDC shareholder approval.

The APDC Group is an internally managed stapled structure comprising the Asia Pacific Data Centre Trust and Asia Pacific Data Centre Holdings Limited. APDC has conducted an underwritten offer to raise $88.55 million with an initial instalment paid on application and the balance payable in May 2013. NEXTDC will hold a 23% interest in the APDC Group.

The transaction forms part of NEXTDC's capital recycling program which will enable it to focus on core data centre activities and explore future opportunities.

A Clayton Utz team led by Brisbane-based Corporate Advisory / M&A partners Tony Lalor and Tim Reid and Real Estate partner Michael Richardson, provided strategic legal advice on all aspects of the APDC IPO.

Commenting on the transaction, lead partner Tony Lalor said: "The successful launch of Asia Pacific Data Centre Group contributes to the re-emergence of A-REITS in the Australian market as investors seek stable yields."

In 2010, Clayton Utz advised NEXTDC Limited on its IPO and has advised it on subsequent capital raisings.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.