On 2nd and 3rd September 2025, AREF’s FutureGen community came together at Worcester College, University of Oxford for a day of learning, discussion, and networking at the annual FutureGen Conference. The programme covered key topics shaping real estate today, alongside opportunities for members to connect with industry leaders and peers.
Opening remarks
The conference opened with a welcome from Alex Davies, Chair of the FutureGen Committee, from Chalkhill Partners. Alex thanked the event sponsors, Mills & Reeve for their generosity, without which the conference would not have been possible. He also highlighted the dedication of the FutureGen Committee, a volunteer team who, alongside their day jobs, work to deliver a varied calendar of events throughout the year. Alex introduced the AREF team in attendance, encouraging delegates to engage with them throughout the day and to share their reflections on LinkedIn.
Keynote: The economic outlook for real estate investment
The first session was delivered by Mark Clacy-Jones, Head of Real Estate Strategy at Aberdeen Investments. Mark provided a detailed assessment of the macroeconomic landscape and the trends shaping real estate investment, from interest rates and capital flows to broader economic conditions. He discussed how different sectors are positioned for the coming years and the importance of understanding risk and performance drivers in the current climate.
The keynote concluded with an engaging Q&A, where delegates raised questions about investor appetite, international comparisons, and the outlook for long-income strategies. Mark’s responses helped frame the discussions that would follow throughout the day.
Storytelling masterclass
All delegates had the opportunity to take part in the storytelling masterclass, with the group split in two to allow time for both the workshop and a breakout session.
Delivered by communications specialists, AGL Communication, the interactive workshop explored how to structure messages, influence stakeholders, and present with impact. Attendees practised techniques for engaging audiences, learned how to avoid common communication pitfalls, and considered how storytelling can be applied in professional contexts such as fundraising, team leadership, and client engagement.
Breakout session: Fund structures
This session was a technical session on fund structures, led by Dona Ardeman with support from Danielle Hudson, both of Mills & Reeve. The discussion set out five key factors underpinning investment fund structuring, covering regulatory and tax considerations, before exploring a wide range of structures. Delegates gained insight into unregulated JVs, managed accounts, limited partnerships, investment companies, unit trusts, RAIFs, PAIFs and LTAFs, as well as the newly launched Reserved Investor Fund. The session provided a clear overview of the different vehicles available and the practicalities of choosing the right structure in today’s market.
Breakout session: Capital raising for real estate funds
Running in parallel was a session on capital raising, run by Andrew Grigson of PGIM with support from Carine Packer of Schroders) and Will Thompson of Townsend Group). Speakers shared practical strategies for engaging investors and structuring campaigns to attract capital in a competitive market. They discussed current fundraising challenges, how to align with investor priorities, and the importance of building long-term relationships. Delegates left with tangible insights into how to position their funds for success in a shifting environment.
Fireside chat with Hannah Marshall
After lunch, delegates reconvened in the auditorium for a fireside chat with Hannah Marshall, Chief Investment Officer, UK Direct Real Estate at CBRE Investment Management. Interviewed by FutureGen Committee member Taryn Mundy, also from CBRE Investment Management. Hannah shared her career journey, including lessons learned and challenges overcome along the way. She spoke about leadership, resilience, and the skills needed to navigate an evolving industry, offering valuable advice to the next generation of real estate professionals.
Natural capital in real estate
The afternoon continued with a panel discussion on natural capital, moderated by Hattie Freer-Smith, Assistant Fund Manager at Aviva Investors with an expert panel, including: Molly Biddell, Head of Natural Capital at Knepp Estate; Ivan de Klee, Head of Natural Capital at Nattergal; Georgie Nelson, Head of ESG, Real Estate at Aberdeen Investments; and Greta Talbot-Jones, Director, Natural Capital / Portfolio Manager at Aviva Investors.
The session examined how the sector is integrating nature and biodiversity into investment strategies, with examples of projects designed to protect and enhance the environment while creating long-term value. Audience questions ranged from measurement and data challenges to the potential for collaboration across the industry. The discussion highlighted growing expectations from stakeholders and investors around nature-positive approaches and underlined the importance of embedding these considerations into decision-making.
Networking and social
After the sessions, delegates checked into their rooms, freshened up, and walked to Magdalen Bridge for punting, organised by Alumni Tours. The weather held off just long enough for everyone to enjoy the trip along the river. Later, the group gathered at The Randolph for dinner, rounding off the formal programme with excellent food and conversation. The evening didn’t stop there, as many continued on to a local Oxford bar to make the most of the occasion.
Day 2: Site visits
The following morning, delegates had breakfast, checked-out and had the opportunity to take part in a series of site visits showcasing major projects across Oxford.
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The Redevelopment of Osney Power Station
Groups visited the historic Osney Power Station, a former industrial building now being repurposed as a world-class centre for Executive Education for Saïd Business School. Recognised as a Local Heritage Asset, the project is preserving the building’s industrial character while securing its long-term future in service of the city. -
The Life & Mind Building
Delegates also toured the completed Life & Mind Building, the University of Oxford’s largest academic facility, delivered in partnership with Legal & General. Bringing together the Departments of Biology and the new INEOS Institute of Antimicrobial Research, the building sets a new benchmark for sustainability in academic design, incorporating Passivhaus principles and extensive timber framing. The scheme reflects a shift in the university’s development model, moving away from reliance on philanthropic donations towards a more innovative funding approach.
Each visit concluded with refreshments nearby, offering delegates a chance to reflect on the projects and continue discussions before heading to the station.
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Special thanks to:
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