SINGAPORE (June 24): As an investor, I tend to look at corporate deals from the perspective of what it immediately means for a company’s shares. So, when CapitaLand announced its acquisition of Ascendas-Singbridge from Temasek Holdings in January, the aspect of the transaction that jumped out at me wasn’t that CapitaLand was expanding its footprint into new geographical markets and gaining exposure to properties that would benefit from “new economy trends” like e-commerce. Instead, the relative valuation at which CapitaLand had proposed to acquire Ascendas-Singbridge from Temasek and the manner in which it would fund the deal seemed much more important.

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