There have been much written about Capitaland split into a listed CLIM, an investment manager with an lodging arm. There is an 10% discount to the "offer price" of about $4.1. I think the 10% discount is an opportunity for me, as I see value in the new CLIM entity. This 10% is not an mispriced opportunity. The deal will only be closed by the end of the year, a lot could have happen. Also, it is not an cash offer, and the value if CICT could go up or down, making the deal sweeter or more sour. Hence, the 10% discount is justified. However, I took a longer term look at what would be the value of CLIM, and I believe it is not too shabby. The proposition for this deal is that valuation should improve, as investment managing business has NAV of 2.6, and yet CLIM is valued at NAV (1)....