The bidding war for Asia Pacific Data Centre (ASX:AJD) has heated up again this week, with the listed property investor welcoming a “superior proposal” from 360 Capital (ASX:TGP) of $1.95 per security.

The $225 million firm’s shares climbed 5 per cent on Thursday morning to hit $1.96 — close to its 12-month high of $1.99.

“The 360 offer is to be funded from its own cash reserves and borrowings and is therefore not subject to the uncertainties that concerned the Board in relation to 360 Capital’s previous proposal, announced on 1 September,” APDC said.

A previous offer of $1.95 was put forward earlier this year but with several complexities that made it less attractive to rival data centre operator NextDC’s (ASX:NXT) offer of $1.87.

The portfolio of AJD is exclusively data centres leased by NextDC, which belonged to the operator until they were spun off in 2013.

At 360’s initial bid, NextDC chief executive Craig Scroogie said the company had no intention of taking back control, but when 360 failed to back down it offered to buy all remaining shares it did not own at $1.85 then, $1.87.

360 Capital has advised AJD that it will lodge a bidder’s statement in relation to the 360 Capital offer in approximately two weeks.

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