MARK partners with HUB for first U.K. BTR acquisition
Pan-European real estate investment manager MARK and residential developer HUB have acquired 2 Snow Hill Plaza in Birmingham, England, from a global institutional investor, with the intention to develop a build-to-rent (BTR) scheme.
An existing building on the site, vacant for more than a decade, will be redeveloped into high-quality homes for rent alongside new public-realm, mixed ground-floor commercial space and on-site residents’ amenities.
HUB has completed £784 million (€656 million/$890 million) worth of BTR deals to date. This is the first deal on which HUB and MARK have partnered, with the two companies already exploring other opportunities to work together in the future.
The acquisition marks MARK’s entrance into the U.K. BTR market, with future acquisitions planned as part of the investment manager’s diversification strategy, which will see the firm grow its residential exposure.
MARK recently partnered with Credit Suisse for the first