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.

Thanks Freda. Find out more about the course here.

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

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. 

MSc Real Estate in Athens - May 2024

The MSc Real Estate students went on a field trip to Athens in May 2024, where they were joined by a group of students from the University of Aberdeen and the Metropolitan College (Athens, Greece). 

The group travelled over to Athens on 14 May and spent a week exploring, visiting sites and listening to presentations. There were visits to the Ellinikon Project - the biggest development plan in Greece, the Piraeus Tower and Stavros Niarchos Park along with walking tours of Athens (focusing on retail), an office tour focusing on The Orbit (an office building in Athens) designed by Vikelas Architects in partnership with LC Architects and a tour around Golden Hall - a shopping centre in Marousi. There were also lots of presentations and opportunities for discussion. Thanks to staff and students for the following photos...

For more information on the MSc Real Estate at Oxford Brookes, click here.

MSc Real Estate: field trip to Madrid

Group meal on the final night in Madrid

The students on the MSc Real Estate went on a field trip to Madrid last week (16 - 20 May). As you can see from the photos taken by Mike Patrick, the city looks amazing - click on the red links for more information. Through a series of talks and presentations from local experts and visits to key locations, the fieldtrip introduced the students to the issues of real estate markets in a major European city. The fieldtrip was designed to integrate a range of core real estate skills and disciplines and to:

• enable a comparison of retail outlet mall formats in different locations
• develop an understanding of the role of retail development in urban regeneration
• understand the key metrics in each commercial centre
• make a comparative assessment of the developments

The students (and staff) enjoyed presentations and walking tours with a number of local experts including:

Credit Suisse (Madrid) gave a presentation on the Spanish economy and the different sectors of the property market.

Knight Frank Madrid gave a presentation on the Madrid office market, both leasing and investment.

Nuveen Investment Management gave a tour around two of their Madrid area shopping malls and presented on how they manage them. These were Islazul and Xanadu (which has an indoor ski slope).

The Cuatro Torres Business Area - not far from the Bernabeu Stadium (home to Real Madrid)

The Gate of Europe part of the Cuatro Torres Business Area

The students listening to a presentation at Islazul shopping centre

Outside Islazul 

...and Islazul again

Xanadu shopping centre - a vast space with...

...a food court and restaurant seating for 7,000

And Snozone - Europe's largest indoor snow resort (including this dry ski slope) 

And then, back to Oxford.

For more information on the MSc Real Estate, take a look here:

MSc Real Estate on the website (course details)

MSc Real Estate on the blog