James Carthew: RDI’s re-defining bet on London offices
When a market experiences fundamental change it can be hard to separate cyclical and secular growth drivers. Or, to put it another way, the market for offices in London is changing and I’m not sure how much of this is down to changes in the way that businesses work, linked to technological and cultural changes, and how much is attributable to a late-cycle surge in demand for office space as new, possibly short-lived, businesses are created.
RDI Real Estate Investment Trust (Reit) (RDI), formerly known as Redefine International, owns a range of properties but in recent months has rebalanced its portfolio away from the retail sector towards hotels and, most recently, serviced offices.
I last wrote about the £660 million company in 2013. Back then, it had been busy expanding its German shopping centre portfolio. Last November, however, it announced the sale of its entire German retail portfolio for €205 million. The management said they were made an offer well above their valuation for these assets. Other asset sales, including… read more here
Investment Trust Insider on RDI REIT move into serviced offices