Demise of confidence in Mapletree because of one wrong move?

$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$$MAPLETREE LOGISTICS TRUST(M44U.SI)$$MAPLETREE COMMERCIAL TRUST(N2IU.SI)$$MAPLETREE NORTH ASIA COMM TR(RW0U.SI)$

Eversince the announcement of the merger between $MAPLETREE NORTH ASIA COMM TR(RW0U.SI)$and $MAPLETREE COMMERCIAL TRUST(N2IU.SI)$came out, not only was there analysts downgrade to $MAPLETREE COMMERCIAL TRUST(N2IU.SI)$, there was also a exodus of funds from all other Mapletree REITs. It is pretty clear that the only winner (at the expense of all other REITs) is $MAPLETREE NORTH ASIA COMM TR(RW0U.SI)$. Personally I think this is a very bad merger plan that was not well thought through, perhaps a hint of Mapletree management team's overconfidence in the brand name and its investors. It remains a big question mark as to the claims of the need to diversify $MAPLETREE COMMERCIAL TRUST(N2IU.SI)$ beyond Singapore and more so in question the carrot of better DPU after merging with $MAPLETREE NORTH ASIA COMM TR(RW0U.SI)$.

One thing pretty clear is that both retail and and institutional investors are not behind this merger plan considering the existing real value losses seriously outweighed the proclaimed (and unrealise) DPU increases in the years projected forward, yes the key word is "projected". While shareholders' voting is underway, the outcome and it's further impact to current prices of all Mapletree REITs is expected to be ugly.

As an investor, the immediate question bothering me is whether I have lose my confidence in this Mapletree management team for good.