Celebrating 10 Years of REIF: catching up with Freda Rutere

Freda Rutere: MSc REIF 2016-18.
Currently working as an Investment Manager at IHS,
a Green Affordable Housing Fund based in Kenya.

MSc Real Estate Investment Finance (REIF)

A Decade Later - From Student to Impact Investment Professional

Ten years ago, I was featured in this blog as one of the first students pursuing the MSc Real Estate Investment Finance at Oxford Brookes University. At the time, I was working in commercial Real Estate Development Management in Kenya. I spoke about the disconnect I observed between investor decision-drivers and engineering fundamentals, hoping the REIF course would equip me with tools to better steer commercial real estate development decisions at a strategic level.

A decade later, as I reflect on my journey since graduation, I’m amazed at how prescient those words were – and how the MSc REIF became the bridge that transformed my career in ways I couldn’t have imagined - Specifically, I found myself increasingly drawn to projects that addressed housing affordability challenges – a critical issue across many African markets.

Today, I work as an Investment Manager at an affordable housing impact fund, where I focus on investments that generate both financial returns and measurable social impact. My role involves evaluating investment opportunities, conducting due diligence, managing a growing property portfolio, and measuring impact outcomes – all while ensuring strong financial fundamentals are preserved for investors.

The foundation laid by the MSc REIF program, combined with my engineering background, created a unique skill set that proved invaluable to better serving investors in African markets.

Looking back, the MSc REIF program delivered on everything I had hoped for and more: The analytical frameworks I learned during the MSc REIF program proved essential as I began evaluating projects not just on traditional financial metrics, but also on their potential for social impact. The course’s emphasis on understanding real estate as an asset class across various jurisdictions globally (as I had hoped) became particularly relevant as I worked on cross-border affordable housing initiatives.

For those currently in the program or considering it, my advice is to embrace the interdisciplinary nature of real estate investment finance. Don’t see it just as a property or finance course – view it as a foundation for understanding how built environments can be leveraged to create positive change and make meaningful contributions.

To the current faculty and students of the MSc REIF program: thank you for continuing to push the boundaries of how we think about real estate investment globally. 

The decade since graduation has been an incredible journey of growth and impact. I’m proud to be part of the Oxford Brookes REIF alumni community and excited to see how the next generation of graduates will shape the future of real estate investment.

Celebrating 10 Years! MSc REIF: Stephen Hipkins

Ye Xu (REIF Programme Leader) and Stephen Hipkins at graduation in May 2025

The Real Estate Investment Finance (REIF) programme (MSc, PG Diploma and OBU Certificate) at Oxford Brookes is celebrating 10 years this year!  The programme started in 2015 and now attracts students from across the world. This is great news as students (and staff) from many different backgrounds and locations can come together online to share experiences and work practices. The programme has been designed for real estate professionals across all sectors, as well as fund managers and investment bankers who would like to gain a better understanding of real estate as a financial asset in an investment portfolio. The programme is delivered online and offers our students (many of whom are also working full-time) a flexible and innovative way to study. We have developed our use of digital media to bring together students from many different backgrounds and locations using our virtual learning platform as well as social media and webinars. 

I caught up with one of our most recent graduates, Stephen Hipkins who completed the MSc REIF in May 2025 to find out what he thought about the REIF programme:

What is your background?

I am a qualified architect with over 25 years of experience across architecture, construction and project delivery. My career has spanned both the UK and international markets, including significant work in the Middle East. I have delivered complex capital investment projects across a broad range of sectors; residential, commercial, education, healthcare and cultural institutions, both as an architect and in senior client-side project and design management roles. My leadership has consistently centred on coordinating multidisciplinary teams to deliver high-value, technically sophisticated developments. I have worked with globally renowned practices and led award-winning masterplans such as the Qasr Al Hosn in Abu Dhabi. In recent years, I have taken a strategic leadership role in future-focused developments, including mass modular housing and sustainable EV-integrated urban planning.

Why did you decide to do a course in Real Estate Investment Finance?

Having spent much of my career focused on the design and delivery aspects of the built environment, I recognised a growing need to strengthen my commercial and financial understanding of real estate. My experience taught me that long-term project success hinges not just on design excellence or construction efficiency, but also on financial viability, market alignment and strategic investment.  

The MSc in Real Estate Investment and Finance provided the perfect opportunity to formally broaden my perspective, to view projects not only as physical assets but as vehicles of economic and social value. I wanted to be better equipped to engage with investors, developers and financial institutions and to lead with a more integrated understanding of project lifecycle economics, risk and return.

Why did you choose the MSc/PGD REIF at Oxford Brookes?

Oxford Brookes stood out for its strong reputation in real estate education and its practitioner-focused, flexible learning model. The course is tailored for experienced professionals who want to deepen their expertise while continuing to work and it focuses on real-world application. What particularly appealed to me was the course’s emphasis on combining theory with critical, practice-based analysis. The modules, ranging from valuation and investment appraisal to legal frameworks aligned closely with the challenges I encountered in my leadership roles. The university’s commitment to academic excellence, coupled with its support for distance learners, made it an ideal choice.

What did you gain from the course and how has it helped you in your career?

The MSc has significantly enhanced my ability to appraise projects from a financial and strategic standpoint. I have gained a much deeper understanding of market dynamics, investment structures, development finance and valuation techniques. I’m now far more confident in navigating complex financial models, engaging with investors and aligning project design with long-term investment goals.

Importantly, the course sharpened my decision-making in areas like portfolio planning, risk assessment and regulatory compliance. This has expanded my leadership capacity, enabling me to move seamlessly between architectural, managerial and financial domains. It’s already influencing the way I lead projects, structure deals and advocate for sustainable, commercially resilient developments. I have now set up a property business that leverages the BRRR (Buy, Refurbish, Rent, Refinance, Repeat) strategy to acquire and improve residential properties to a high standard. If you would like to know more or become involved, email us at: architectmoveorimprove@gmail.com

What did you choose for your dissertation topic and why?

For my dissertation, I explored the topic: “Decline in Town Centres: Adapting to Changing Consumer Habits.” This subject resonated strongly with me, both professionally and personally, as I’ve witnessed first-hand the shifting dynamics in urban centres across the UK, exacerbated by changes in retail behaviour, technological disruption and more recently, the aftermath of the COVID-19 pandemic. My aim was to critically examine the structural decline of traditional high streets and town centres, investigating the economic, social and spatial drivers behind reduced footfall, rising vacancies and evolving consumer expectations. I was particularly interested in how real estate stakeholders, investors, developers, local authorities and designers can reposition and repurpose underperforming assets to create vibrant, resilient urban environments.

This research allowed me to bridge my architectural and project delivery background with the commercial and strategic themes covered in the MSc. I evaluated innovative redevelopment strategies, such as mixed-use repurposing, experiential retail and community-focused place-making, alongside policy and investment models that can support long-term regeneration. Ultimately, the dissertation reinforced my belief that town centres can be revitalised through integrated, multi-disciplinary approaches, where design quality, financial viability and social value go hand-in-hand.

Thanks Stephen. If you want to find out more, then book onto one of our online information sessions via the website.

REIF Online Information Sessions

MSc Real Estate Investment Finance: Alexander Karioth

 

Alexander Karioth: MSc REIF 2024

The Real Estate Investment Finance (REIF) programme at Oxford Brookes has been designed for real estate professionals across all sectors, as well as fund managers and investment bankers who would like to gain a better understanding of real estate as a financial asset in an investment portfolio. The programme is delivered online and offers our students (many of whom are also working full-time) a flexible and innovative way to study. We have developed our use of digital media to bring together students from many different backgrounds and locations using our virtual learning platform as well as social media and webinars. The programme started in 2015 and now attracts students from across the world. This is great news for the REIF programme as students (and staff) from many different backgrounds and locations can come together online to share experiences and work practices.

I caught up with one of our alumni, Alexander Karioth who completed the MSc REIF in March 2024 to find out what he thought about the REIF programme:

What is your background?

Both my academic background and work experience were exclusively in hospitality. I began my journey with a three-year management trainee programme in hotel operations with “Kempinski”, a renowned luxury hotel brand. Recognising the need to complement my operational expertise with advanced managerial and leadership skills, I pursued a Bachelor of Business Administration in Hotel Management. As my interest shifted towards the real estate side of the hospitality industry, I transitioned into hotel consulting, joining PKF hospitality group in Vienna. This marked the beginning of my career in hotel advisory, which continued through subsequent positions at CBRE in London, Ernst & Young in Munich, and JLL.

Why did you decide to do a course in REIF?

Given that my background was exclusively related to hotels, primarily focusing on valuation and advisory work, I sought to broaden my exposure to general real estate, encompassing all asset classes. Specifically, I wanted to deepen my understanding of the investment side of the industry. 

Why did you choose the MSc REIF at Oxford Brookes?

I chose to pursue the MSc in Real Estate Investment Finance at Oxford Brookes University (OBU) for several compelling reasons. The programme's flexible structure, allowing for part-time and remote study, perfectly suited my professional commitments. The 16-month timeframe was the ideal balance between a comprehensive learning experience and timely completion of the course. Colleagues at CBRE London had highly recommended OBU as one of the most acclaimed institutions for real estate education in the UK, reinforcing my decision. Lastly, the programme's accreditation by the Royal Institution of Chartered Surveyors (RICS) enabled a clear pathway to become a RICS-registered professional.

What did you gain from the course and how has it helped you in your career?

Although fully remote, I expanded my network within the industry. Consequently, both the hard and soft skills I acquired proved beneficial. Upon successfully passing my dissertation in June 2024 and officially graduating from Oxford Brookes University in September 2024, I transitioned into a new role within the Hotel Capital Markets/Investment Sales Team at JLL. This move marked a significant shift in my career, facilitating my transition from valuation and advisory services to investment brokerage. The knowledge and network I gained through my MSc programme proved instrumental in supporting this career progression.

What did you choose for your dissertation topic and why?

The key lesson from my Bachelor's thesis was to choose a topic that is both interesting and familiar. Following this advice, I focused on hotels, the asset class I know best, selecting a relevant and intriguing subject: "An investigation into environmental sustainability factors impacting hotel real estate investment in Europe". My research addressed a significant gap in the industry – the limited adoption of environmental sustainability in hotel real estate and the lack of standardised assessment criteria for existing investments and new acquisitions. Ultimately, the study identified the most relevant environmental sustainability factors relating to the regulatory and built environment, as well as hotel operations and developed a framework of standard criteria for assessment, including recommendations on how to evaluate these criteria in current investments and new acquisitions.

Thanks Alexander. To find out more about the MSc/PGD REIF take a look at our webpage:

MSc/PGD REIF at Oxford Brookes

OBU/OBREMS Mentoring Scheme Launch 2025

The Mentoring Scheme is managed jointly by OBREMS (our alumni association) and the School of the Built Environment and is open to second year students on the BSc Real Estate and the BSc Property Development and Planning as well as students on the MSc Real Estate.

The Can of Ham Building at 70 St Mary Axe

It's been running for 13 years now and the OBREMS/OBU Mentoring Scheme offers students a unique opportunity to be mentored by one of our alumni. This year, the launch took place on 26 March at the offices of Montagu Evans in the Can of Ham Building at 70 St Mary Axe in the City of London. Thanks to Montagu Evans for hosting and thanks to the presenters and all the students, staff and mentors who came. It was the biggest ever launch event with 120 students and alumni and a lot of networking. It was especially good to see those who took part in the Mentoring Scheme as students return as mentors and we had some laughs looking at the OBU Real Estate and Construction My Social Book from 2015. This year we matched 73 students with mentors. Anyone who is interested in becoming a mentor should contact: rdixon@brookes.ac.uk

Thanks to Josh Myerson (mentor), Alexandra Williams and Emma Buxton (both student mentees and now mentors) for their words of advice on how to make the most of the Mentoring Scheme and James Stacey (Chair of OBREMS), Rebecca Gee (OBU) and Dan Sames (OBU) for their words of encouragement. 

And now for the photos...

Emma Buxton talking about her experiences

Memories from My Social Book...

Time for more networking in the local bar...

The Oxford Brookes/OBREMS Mentoring Scheme 2025

The Mentoring Scheme Launch - March 2024

The Mentoring Scheme has been running since 2013, successfully matching more than 1000 students from the BSc Real Estate and the BSc Property Development and Planning with one of our alumni. That's a lot of networking. The Mentoring Scheme is managed jointly by OBREMS (our alumni association) and the School of the Built Environment and is open to second year students as well as students on the MSc Real Estate. In early February we will open applications to the OBREMS/OBU Mentoring Scheme 2025 for second year undergraduate students. So why should you take part? Some quotes from students, alumni and mentors...

• The Mentoring Scheme was certainly useful and the networking launch event was a great illustration of how important networking is within Real Estate. Thank you. 
• Brilliant, and we will keep in touch after the scheme ends. 
• Helpful - as it improved my CV massively, which helped secure a job.
• Amazing, my Mentor was extremely helpful and the scheme provided fantastic contacts.
• I think the mentoring scheme was a brilliant way to get us in touch with industry professionals. For me it has opened many doors and built my CV by getting work experience through the scheme. I think its a brilliant initiative, in which I hope I'll be able to take part in when I am working. 
• Speaking to 3rd year students at the Real Estate society socials, and other sports activities, the Mentoring Scheme has helped people in many different ways, that might not seem like the obvious choices. For example, just putting people in touch to help find a room in London, where they secured a summer internship. I also think that a lot of the property industry is about building connections, which the Mentoring Scheme can also assist with.
• Having benefited positively from the Mentoring Scheme myself as a student it has made me realise how important continuing that contact is and the benefit of maintaining the alumni community as it's great for meeting new people and being able to help students out.

This year, the mentoring period for undergraduate students will start at the end of March 2024, with a launch event kindly hosted by Montagu Evans at 70 St Mary's Axe (the Can of Ham Building) on the evening of 27 March (6pm to 8pm). The launch event will include guest speakers and a chance for networking and meetings between students and mentors. 

There are a wide range of mentors who volunteer to take part, from recent graduates to CEOs - and a lot of our younger mentors took part in the Mentoring Scheme themselves when they were students. All our mentors are alumni of Oxford Brookes (Real Estate or Planning and Property Development) and are also volunteers. Students - please remember that if you sign up to the Mentoring Scheme you must be prepared to make use of your Mentor and initiate contact. Our Mentors sign up to the scheme as volunteers because they want to help and they enjoy being part of the scheme - when students sign up and then drop out, we end up with disappointed Mentors and a wasted opportunity for the student. There is a lot of help on offer and it's up to you to make good use of it. 

MSc Real Estate in China - June 2024

Following the field trip to Athens in May 2024, the MSc Real Estate students went on another field trip in June 2024 - this time to China. The MSc Real Estate students travelled to China to study three of the four tier 1 cities in China, namely, Shanghai, Guangzhou and Shenzhen. Thanks to Albert Cao (Senior Lecturer in Valuation at Oxford Brookes) for the reports and the photos. 

The field trip started in Shanghai, a provincial level city with 25 million people and the head city of the 240 million people Yangtze River Delta. Shanghai was the Paris of the East in the 1920s and 1930s, and is now the 4th city in terms of importance and international significance in the world. It has the 4th largest Stock Exchange, 3rd largest microchip maker, and the 2nd tallest building in the world. The students visited the historical past of Shanghai inspecting many buildings that are Grade 1 listed equivalent. They examined the huge new central business district (CBD) at the east of River Huangpu where most of the buildings were built after year 2000, and the famous East Nanjing Road pedestrianised shopping street. At the head office of Cushman and Wakefield, they listened to presentations from local experts, had a very dynamic discussion with them and took a picture together afterwards. At the end of the day, they toured the retail area along West Nanjing Road, both traditional and modern, trying wonderful local cuisine and shopping.

Exploring the historic area of Shanghai

The central business district

At Cushman & Wakefield

Exploring the local cuisine

The next day (still in Shanghai) the students visited JLL's Shanghai HQ and had a walking tour to see JLL's management operations. The presentation by JLL's research team was followed by heated discussion, gift presentation and socialising of all participants. Shanghai has become a major production centre for electric vehicles and students inspected car showrooms that are a new normal in shopping malls, and new initiatives by local retailers on experiential shopping. The students had a walking tour of Shanghai's main squares and political institutions, studying urban plans of Shanghai and visiting housing developments in a conservation area. And finally, the students had an impressive river cruise that covers the best of Shanghai’s office developments at both sides of River Huangpu.

At the JLL HQ in Shanghai

Electric cars in the shopping mall

Visiting new housing developments at Huaihai Road

Visiting the Shanghai urban plans

Day 3 in Shanghai was as rewarding and busy as the previous two days. The students visited the 1000 Trees, a brand new shopping mall with innovative design and tenant mix. The mall was designed by a British Architect, Thomas Heatherwick. They then visited a top branch of Lianjia, China's biggest residential agency, and had a discussion on Shanghai's residential property market and the comparison of British and Chinese practices in residential markets. In the afternoon the students toured the outskirts of Shanghai and visited a conserved historical town that has become a popular tourist destination.

1000 Trees shopping mall

The trees are individually planted and elevated

Discussions at Lianjia, China's biggest residential agency

Qibao - the restored historic water town

Day 4 in Shanghai and it was very wet. The students tried to have a walk and view Shanghai's central business district from the 118th floor of Shanghai Tower, but there was rain in the morning and the two tallest towers that are over 100 storeys were hidden in the cloud. They climbed to the 52nd floor of Shanghai Tower and studied the buildings and transport network on both sides of the River Huangpu. The weather was not good so they had a tour of other central parts of Shanghai in cars. The four days in Shanghai were packed with studies of the City’s political, economic, social, technological and environmental factors that affect real estate investment. Shanghai has the world’s 2nd longest metro, just 10km shorter than that of Beijing’s, which provided convenient and fast mobility. After flying 1,300km they saw the sunset in mid-air before they arrived in Guangzhou at 8pm. 

Rain and mist in Shanghai

Tour of Shanghai by car

Sunset in Guangzhou

After arriving in Guangzhou, the provincial capital city of Guangdong with 18 million residents, the students attended a three hour presentation at Savills Guangzhou led by Mr Carlby Xie, a 2005 graduate of the MSc Real Estate of the Oxford Brookes University. The presentation covered China's real estate market as a whole, and Guangzhou, Shenzhen and the Great Bay Area in particular. After lunch in the massive restaurant mall underneath the two super skyscrapers, they went to Guangzhou's iconic Canton Tower, where they viewed the 112 storey Chow Tai Fook Financial, the 103 storey International Financial Centre and the 80 story Citic Tower in the CBD as well as a second CBD anchored on the Pazhou Convention and Exhibition Centre. From the viewing platform, the whole city was clearly seen, including city centre residential developments and hills in the background. In the evening, students observed the retail and entertainment activities in the CBD.

Presentation at Savills from/to Carlby Xie, a 2005 graduate of the MSc Real Estate 

Views of Guangzhou CBD from the 88th floor of the Canton Tower

The Pazhou CDB next to the Pazhou Convention and Exhibition Centre

City centre residential development

The next day, the students conducted a tour of historical and cultural sites in Guangzhou, including a museum built on the site of a 2,200 old royal palace and made further visits to retail in the old part of the city. Beijing Road was the traditional main high street of the city since 1,300 years ago, with hundreds of traditional shops and several major modern shopping centres, where electric car showrooms are found. The students visited the 1888 Shishi Sacred Heart Cathedral in the traditional city centre that is also a traditional retail area but with new retail developments. The old British and French Concessions are also in the traditional city centre, with new developments across the river. The older part of Guangzhou has now been conserved with subsidised refurbishment to promote tourism.

The oldest pedestrianised street in Guangzhou

A church built in 1877 in downtown Giangzhou

A refurbished district of Guangzhou

The students took a day trip to Shenzhen, starting with a trip on China's famous high-speed train, which reached 'bullet' speed at 306 km/h and a 20 pence coin stood over 4 minutes (on its edge) without falling. The city was established in 1979 with population at 5,000 and now has 18 million residents. The students inspected the city's top shopping mall MixC, which can be found providing high-end shopping in all major cities in the country, and its residential properties in the second CBD. In the Civic Square of the current and top CBD, the students witnessed the performance of a roller skating team in the burning sun. The students went to the 115th floor viewing platform of Pingan Tower and examined Shenzhen's real estate development chronologically and temporally. Hong Kong’s northern part, mainly rural, can be seen and sites for tech incubation were found. Shenzhen is still building its fourth CBD at Qianhai. Finally, the students visited the third CBD of the city and admired its shinning office buildings in the sun before taking a half-hour high-speed train journey to travel 140 km to return to Guangzhou.

Inside the high speed bullet train

Shenzhen's MixC shopping mall

The civic square in Shenzhen's CBD with Pingan Tower in the background

The view from Pingam Tower (115th floor)

The final day of the field trip and the students were given the day to explore Guangzhou's traditional pedestrianised shopping street. In Nansha, a district designated as the Free Trade Zone, they saw the new cruise terminal and a robot playing a traditional Chinese musical instrument in the car tech exhibition centre. The students saw the political institutions of Guangzhou, and several large malls. Guangzhou's famous river cruise shows another view of the city and the best urban centre design in China, if not in the world. At the end of the day, students have had first-hand knowledge of the political, economic, social, technological and environmental aspects of the Greater Bay Area (Pearl River Delta) inhabited by 86 million people, and are ready to assess of investment potential of commercial and residential properties in Shanghai, Guangzhou and Shenzhen.

Pedestrianised shopping street in the historic part of Guangzhou

Street statues 

Guangzhou cruise terminal

A robot playing a traditional Chinese musical instrument

Guangzhou's CBD by night

And that is the end of the trip. For more information on the MSc Real Estate at Oxford Brookes click here.