On February 10, 2022, Quarz Capital Management announced that it is opposed to the terms of a proposed S$4.2 billion ($3.1 billion) merger of two Temasek-linked Singapore real estate investment trusts, saying the target firm was undervalued and it is urging Mapletree North Asia Commercial Trust (MNACT) to negotiate an improved offer from Mapletree Commercial Trust (MCT). Quarz said in the letter that it supports the deal rationale but objects to the merger ratio and price.