There is a difference. In that at the end of the Windup process...

There is a difference. In that at the end of the Windup process all remaining cash would be distributed to shareholders.

The current expressions of interest process could see them sell none, one or all properties and there is no guarantee of a capital return. They may invest it elsewhere, and then NextDC would end up with 30% of a company that is doing what? And invested in what?

I do wonder if the claim of financial assistance is accurate. The final $1.95 offer to previous shareholders was an all cash offer. It wasn't contingent on APDC doing anything or making any guarantees.
Any talk of Capital Distributions or Incresing Debt are all hypothetical at this stage.
Gearing % would be subject to valuations, and would likely be in the range of other REITS on the market. The main issue/point of difference being the capitalisation rate.

It's still not clear to me that NextDC have a valid claim to wind up the trust and why 360 Capital would be exempted from voting their rights.

One issue with a wind up is the potential for high legal costs, delays and administrative costs. And if NextDC are the successfull bidders I would assume a decent amount in Stamp Duty too.