Private equity real estate manager Mark, together with local development partner Assembly, is to launch a new platform enabling investors to access positive impact projects in Paris that focus on improving environmental and social outcomes.
The Mark Paris Urban Regeneration platform will focus on real estate projects with value-add potential that help tackle major social and/or environmental issues. The strategy will support Paris’s densification and help preserve the city’s built heritage, and is also targeting ISR certification and a strong performance on other globally established ESG certifications.
Mark will initially target €500 mln in Gross Asset Value, acquiring prime Parisian assets with high repositioning potential in off-market transactions.
MPUR is the latest in MARK’s multi-platform strategy, with the investment manager creating specialised real estate platforms that target particular opportunities within specific sectors and geographies.
Earlier this month, Mark launched DOMA in partnership with Credit Suisse Asset Management. The residential investment platform will acquire centrally located under-managed residential assets in core European cities and commuter belt locations, bringing the homes up to modern environmental and design standards.
Philippe Bidaud, head of France at MARK, said: 'In real estate, a lot of the debate has been centred around how future developments can meet the ESG considerations of investors. However, there is a huge opportunity in repositioning existing assets to improve their environmental performance and deliver positive social outcomes. The new Paris urban regeneration platform will build on our extensive track record in the city, supported by our established on-the-ground team, and allow investors to access positive impact real estate projects that meet their sustainability and social goals.'
This month Mark completed a forward sale agreement with Swiss Life Asset Management for “Maison Trévise”, a high-end office building in the 9th arrondissement of Paris.
Located at 32 rue de Trévise, Maison Trévise is composed of three buildings, including a private mansion that has been listed in the register of historic monuments since 1976. Mark acquired the site in 2019 on behalf of its third value-add closed-ended fund Meyer Bergman Retail Partners III (MBERP III).
Working with Assembly, Mark secured a building permit to combine the buildings to create new, modern high quality office space. The 4,300 m2 complex enjoys approximately 800 m2 of greenery and will be completely restructured by the Bortolussi and CALQ architectural agencies.
