Mark teams up with Hub to develop BTR scheme in Birmingham

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.
 
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 UK 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 phase of its Doma platform, which aims to amass a €1 bn European rental housing portfolio. The company is currently redeveloping the former Whiteleys department store into a £1 bn residential-led mixed-use project alongside its joint venture partners. Mark also previously created Meyer Homes, a build-to-sell residential platform which acquired 13 sites around Greater London.
 
2 Snow Hill Plaza will be Hub’s second project in Birmingham, after achieving consent for a 2,000-home mixed-use scheme in Digbeth in November 2020.
 
Tom Starkey, Acquisitions manager at HUB, commented: ‘Following a successful 2021 in which HUB completed four acquisitions, we are carrying this momentum into 2022 with our first deal with Mark. We hope to build on this relationship with further acquisitions in the future.’
 
Lily Lin, managing director, UK & Ireland, at MARK commented: ‘Residential for rent forms a key part of our multi-platform strategy, as we look to grow our presence in asset classes that are underpinned by long-term structural growth drivers and have demonstrated resilience during the pandemic.This acquisition will be the first of many as we look to create a wider UK build-to-rent platform that complements our existing residential strategies.’
 
CBRE advised Hub and Mark. BNP advised the vendor.