CMS advises RDI REIT P.L.C. on £161m portfolio acquisition

Manchester, 15 January 2018. International law firm CMS has advised London Stock Exchange listed RDI REIT P.L.C. (RDI) on its acquisition of an 80% interest in a portfolio of flexible offices in Central London worth in excess of £161m, from sellers Forum Partners, the Kailong Group and Office Space in Town Limited (OSIT). The portfolio was previously held by two companies based in the Isle of Man. RDI (formerly Redefine International) is a FTSE 250 UK Real Estate Investment Trust, which currently manages £1.5bn worth of properties in the UK and Germany, including retail parks, offices, logistics and hotels across both countries. OSIT, one of the sector’s most experienced office developers and managers, and RDI’s new strategic partner, will own the remaining 20% interest.

Mike Watters, RDI’s Chief Executive, commented: "In the serviced office market, we are seeing structural and behavioural change continue to drive strong demand for flexible, cost efficient space. In a globalising environment with increased mobility supported by technology and employees requiring more flexibility, businesses are increasingly demanding the ability to adapt and save costs. This acquisition supports our strategic objectives and we were delighted to have CMS' team of experts in our corner with their in-depth knowledge of the real estate sector and particularly the evolving and fast-paced serviced office market."

The CMS team was led by Partner and Head of Corporate in Manchester Howard Gill, with support from Senior Associate Pamela Angell (Corporate), Associates Tim Gower and Trevor Bird (Corporate) and Senior Associate Jacob Gilkes (Tax).

Howard Gill comments: “We were pleased to support RDI on yet another strategic transaction, which reflects how lively investment continues to be in the UK as we move into 2018.”