AT CapitaLand, the pursuit of strategic goals sometimes leaves minority investors in a quandary.

In January last year, CapitaLand said it would acquire Ascendas-Singbridge from Temasek Holdings for S$6 billion, in a deal that would put it among the 10 largest real estate investment managers globally. CapitaLand also touted the exposure it would gain to assets like logistics properties and business parks that stood to benefit from the growth of e-commerce, urbanisation and the knowledge economy.

However, the benefits of the transaction came at a cost for minority shareholders of CapitaLand. The price tag for Ascendas-Singbridge was satisfied by an equal proportion of cash and new CapitaLand shares priced at S$3.50 each - a steep discount to its net tangible assets per share.