Killa, I agree with all of the above. The end result here (from TOT's perspective) is to trade its ~12% of IAP shares, for a similar split of its office assets (likely including the cash from the PMG sale as in the same annoucement. So from one angle, that seems to be a bit of a "Clayton's Profit". (Older HC members might remember the Whisky...) So that the 3 x office properties are acquired at fairly punchy valuations.
Like you, would prefer the cash box. I am quite sure that the market would not apply the same discount to NTA as at present if that NTA was cash. I also think that this IAP windfall should have been used for a special div rather than straight back into property (at <5% yield). Was a good opportunity to return 5c special div. Or dare I say it for the 1,000th - a share buyback.
Having skimmed all of the annoucements, I prefer TGP to TOT. I think they are in a strong position, and like the capital light model (of mgmt rights) rather than invested in Office.
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