Last month, CapitaMall Trust has announced the proposed acquisition of the remaining 70.0% of the units in IMT which holds Westgate from CMA Singapore Investments (4) Pte. Ltd. and CL JM Pte. Ltd for $789.6 million. Including acquisition related expenses, it was estimated to cost $805.5 million. Westgate is one shopping mall where I vaguely remembered a small section of its ceiling collapsed due to heavy rain in the year 2014. If you didn’t know, CapitaMall Trust currently owns 30.0% of units in Infinity Mall Trust (IMT) which holds Westgate. Investors are negative about the proposed acquisition as they felt CapitaMall Trust had overpaid for the acquisition. Moody, a credit rating agency had also downgraded CapitaMall Trust rating from “stable” to “negative”. Moody explained the downgrade in rating is because the acquisition will likely increase CapitaMall Trust’s debt leverage, which in turn will reduce the headroom within the A2 ......