The recently proposed merger between Mapletree Commercial Trust (SGX: N2IU) And Mapletree North Asia Commercial Trust (SGX: RW0U) has sparked a lot of interest and negative sentiment with investors. From discussions across forums and chat groups, the general consensus is that this merger is fantastic for MNACT but horrible for MCT but is that really true? Let’s take a deeper dive into the merger details and take an alternate view on the merger itself. Post-merger, the transaction will create a merged entity which will be named Mapletree Pan Asia Commercial Trust (“MPACT”) with its investment mandate encompassing key gateway markets of Asia. MPACT will have a total of S$17.1B assets under management with a strong portfolio occupancy of 97% and a relatively long WALE of 2.6 years. Scheme Consideration The scheme consideration for MNACT unitholders will be either to opt for 100% shares or 84% in shares and 16% in cash. MNACT shares are priced at 1x Price to Net Asset Value (P/NAV), also known as Price to Book (P/B)....