MARK Capital Management is an independent real estate investment and asset management firm, established in 2005. Since its inception, MARK has cumulatively managed over €20bn of private real estate on behalf of a global client base, including institutional investors, sovereign wealth funds, and family offices. MARK’s leadership team brings together extensive experience across the real estate industry, covering acquisition, leasing, marketing, financing, and structuring, and is recognised for its ability to deliver excellence with every investment, leveraging deep sector knowledge, local market presence, and a strong network across Europe.
MARK leverages full life-cycle expertise – spanning sourcing, development and asset management – and analyses global market trends to identify growth opportunities in European real estate, executing strategies that maximise value and align with investor objectives.
With approximately €5.5 billion1 in assets under management, MARK operates through four core strategies: logistics (Crossbay), residential, urban development (Assembly), and retail recovery. Each strategy is tailored to meet evolving market demands and deliver results. With a team of approximately 100 personnel across seven offices in Europe (London, Paris, Luxembourg, Frankfurt, Guernsey, Amsterdam and Madrid), MARK combines global market analysis with local execution, positioning itself as a truly pan-European real estate investment manager. The firm is also committed to responsible investment, integrating ESG considerations across its strategies.
1 AUM as of 30 June 2025
Investment principles & strategy
MARK creates thematically focused strategies that enable institutional investors to access emerging opportunities in European real estate, and partners with owners of existing assets to unlock hidden value in their property portfolios, both made possible by MARK’s boots on the ground presence in core European markets. MARK’s strategy is centred on identifying and acquiring assets in prime urban locations across Europe, with a focus on sectors benefiting from longterm structural trends such as urban logistics, retail transformation, and the living sector. MARK leverages full life-cycle expertise – sourcing, development and asset management – executed by local teams across its seven European offices, facilitating the identification and aggregation of off-market opportunities and disciplined portfolio construction. Through initiatives such as Crossbay, a market leader in last-mile logistics, and its PRS strategy, MARK combines granular asset selection, asset management and rigorous risk controls to deliver resilient, risk-adjusted returns. ESG integration is central to the investment process, with a focus on sustainable value creation and alignment with institutional investor objectives. The firm’s entrepreneurial culture, experienced senior leadership and specialist teams further support its ability to adapt to evolving market dynamics and deliver results for its global client base.
Sector forecasts
INDUSTRIAL:
E-commerce remains the primary driver of occupier demand in European logistics, with the market projected to grow at an 8% CAGR over the next five years, generating demand for c.25 million sqm of additional space.
Technological advancements including automation, AI and demand forecasting, enable operators to manage greater volumes and increasingly diversified demand profiles. Rising consumer expectations for same-day and next-day delivery are accelerating investment in last-mile infrastructure. With transportation costs accounting for up to 70% of total supply chain expenses, location remains a critical value driver, incentivising operators to pay premium rents for proximity to end-users. Development activity remains at historic lows, keeping vacancy rates stable and supporting further rental growth. Take-up continues to outpace new supply, reinforcing the sector’s resilience. Although leasing periods have lengthened, tenant retention remains strong, with occupiers increasingly ‘sticky’ due to limited alternatives. Meanwhile, the compelling spread between prime logistics yields and the declining debt cost across Europe is attracting renewed capital inflows, positioning logistics as a key beneficiary of structural demand and long-term value creation.
RESIDENTIAL:
UK PRS is projected to grow at 4–5% CAGR over the next five years, driven by affordability pressures and structural shifts in housing tenure. Renters now comprise 53.2% of households in London as homeownership declines amid rising mortgage costs. Between 2019 and 2024, rents rose 23%, while mortgage payments surged 38%, widening the affordability gap and reinforcing rental demand.
Supply constraints remain acute, with housing starts achieving just 4.9% of the government’s 44,000-home target in H1 2025 and forecast completions for 2027–28 at 9,109 units, a 95% shortfall. Development activity is expected to stay 25–30% below historic averages, driven by planning complexity and elevated construction costs. These conditions create opportunities to acquire near-complete build-to-sell assets at or below replacement cost and reposition them for mid-market PRS, meeting demand while avoiding planning risk and construction inflation. Prime yields of 4–4.5% remain broadly in line with current debt costs, underscoring UK residential’s defensive characteristics amid exceptionally low vacancy rates and sustained institutional appetite.
RETAIL:
Retail across Europe and the UK is seeing a resurgence of investor interest, although performance remains bifurcated. Retail parks have led the recovery, with vacancy rates declining steadily since 2021. In contrast, high streets and shopping centres face ongoing challenges, though prime locations continue to attract robust demand. Operational fundamentals are improving board-wide, evidenced by gains in footfall and sales, while resilience is being driven by experiential formats and omnichannel strategies. Rebased asset values and constrained supply are supporting rental growth in key areas, with financing availability offering attractive entry points. Despite lingering cost pressures and cautious sentiment, vacancy compression and stabilising fundamentals underpin a measured yet compelling recovery.
Strategic corporate development
MARK offers investors a comprehensive range of real estate investment solutions through both commingled funds and bespoke separate account structures. MARK provides access to a curated selection of equity strategies designed to meet diverse portfolio objectives, including sector-specific mandates, core-plus, value-add and opportunistic products. With a focus on delivering performance and alignment, MARK combines deep market insight with disciplined execution to create strategies that capitalise on evolving trends and structural shifts across global real estate markets. MARK works closely with clients to provide tailored solutions that reflect their risk appetite, return targets and sustainability priorities, ensuring portfolios are positioned for long-term resilience and growth. Looking ahead, MARK remains committed to leveraging its expertise to identify opportunities that deliver value in a dynamic market environment.
Performance verification
MARK benchmarks its performance against global standards, following INREV Guidelines and contributing data to MSCI. Annual audits and external valuations are conducted by independent third parties to ensure transparency and accountability. ESG performance is verified through GRESB, aligning with investor expectations and industry best practice.
COMPLIANCE STATEMENT
This publication is provided for information purposes only and does not constitute an offer or invitation to subscribe to any fund. It should not be relied upon for investment decisions. The data, projections and assumptions reflect management views and conditions as at the date of this document and are subject to change without notice. No representation or warranty is made as to the accuracy, completeness, or reliability of the information. Please remember that past performance is not necessarily a guide to future returns. The Manager accepts no responsibility for any errors or omissions. In preparing this document, MARK has relied on publicly available sources without independent verification. This document is intended for professional investors only.
