Craig Scroggie, managing director of data storage operator NextDC, has savaged a move by BankWest to recall a $29 million debt facility at short notice after the digital powerhouse took over a property trust.
Commonwealth Bank of Australia-owned BankWest issued the default notice to the property trust, Asia Pacific Data Centre Group, last week with a14-day, pay-back period based on change-of-control provisions, after NextDC seized control of APDC in a $232 million deal.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
