Private equity property manager Mark, formerly known as Meyer Bergman, is planning to launch a sustainable, Paris-focused regeneration platform aimed at repositioning assets with value-add potential as mixed-use properties with strong environmental credentials and which have social impact.
Known as Mark Paris Urban Regeneration (MPUR), the platform has been initiated in conjunction with local player Assembly and will initially aim for a €500m gross asset value.
Mark said in a statement that the new entity will build on the firm’s pan-European experience in urban repositioning and will support Paris’s densification while helping to preserve the city’s built heritage.
Mark is following a multi-platform strategy, creating specialised real estate platforms that target particular opportunities within specific sectors and geographies and earlier this month launched residential investment platform Doma in partnership with Credit Suisse Asset Management to acquire centrally located, under-managed residential assets in core European cities and commuter belt locations.
Huge opportunity to reposition existing assets
“In real estate, a lot of the debate has been centred around how future developments can meet the ESG considerations of investors,” said Mark’s head of France Philippe Bidaud. “However, there is a huge opportunity in repositioning existing assets to improve their environmental performance and deliver positive social outcomes.”
Mark has just completed a forward sale agreement with Swiss Life Asset Management for Maison Trévise, a high-end office building in the 9th arrondissement composed of three buildings. MARK acquired the site in 2019 on behalf of its third value-add closed-ended fund Meyer Bergman Retail Partners III (MBERP III) and working with Assembly, secured a building permit to combine the buildings to create 4,300 sq m of offices.