Interview with OSiT's Giles Fuchs and RDI's Stephen Oakenfull

Giles Fuchs

Just over a year after RDI’s major investment in Office Space in Town, Stephen Oakenfull and Giles Fuchs tell Property Week how the partnership is going and what lies ahead.

Then in February, the REIT announced it had been forced to keep all the income from a loan facility on four shopping centres after they fell in value. As a result, the share price took a tumble. The announcement in March that RDI was in takeover talks with Australian investment giant Cromwell soon had the share price climbing again. That was until news broke earlier this month that RDI had breached its lending covenant on those aforementioned struggling shopping centres.

While RDI has hogged the headlines so far this year, a major element of the REIT’s portfolio that has managed to sail under the radar is its stake in flexible workspace provider Office Space in Town (OSiT).

It bought an 80% interest in four OSiT buildings in Monument, Waterloo, Liverpool Street and St Paul’s 15 months ago that are worth a combined £161.7m. The investment is the most valuable on RDI’s books.

Property Week met RDI deputy chief executive Stephen Oakenfull and OSiT founder and chief executive Giles Fuchs at the company’s flagship nautical-themed building in Monument to reflect on the first year of their partnership and ask them what they are planning next.

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