CoStar UK - The Leader in Commercial Property Information


By Paul Norman - Friday, August 18, 2017 9:04

Global rental housing company Greystar has announced the appointment of Mark Allnutt to head operations in the UK, replacing Jeff Manno who is returning to the US to lead Portfolio Management for the new Greystar Growth and Income Fund.

As UK business lead, Mark Allnutt will oversee 200 plus London-based staff and a property portfolio which includes student housing and multifamily rental accommodation across the country.

Allnutt has been tasked with increasing Greystar’s UK multifamily portfolio to 10,000 units within four years and growing its student housing portfolio to position the company as one of the country’s largest owners and operators of rental housing.

He joined Greystar in 2014 to launch the company’s multifamily business in London. Subsequently Greystar’s development pipeline has grown to over 2,750 units with a value of £1.5bn and the company has been involved in several of the largest property transactions in the UK over the past 12 months, including:

  • Exchanging contracts with Royal Mail to acquire two plots at Nine Elms for £101m for a rental community comprising 894 apartments
  • Securing planning consent to develop 1,965 new homes in west London, with a total of 1,439 available for rent from Greystar

Wes Fuller, Executive Managing Director of Greystar’s investment management business and international businesses, said: “Mark is an exceptional business leader, respected by Greystar colleagues and widely recognised within the property industry for his UK housing expertise. We have an ambitious target – to deliver 10,000 multifamily units and double the size of our Chapter student accommodation portfolio. He is the right person to lead our very talented team in London and drive forward our business in this important market.”

Mark Allnutt, Managing Director and Business Leader, said: “I’m excited to be leading Greystar’s UK operations at this incredible time for the business, as it emerges as one of the country’s most innovative, dynamic providers of rental housing. It’s also a huge personal honour to be given the opportunity to play such a direct role in providing a solution to the housing crisis. We want to provide rental housing communities at scale, delivered at speed with an unprecedented level of service and amenity. This approach can, I believe, play a vital role in easing the housing crisis in London, and elsewhere in the country.”

Allnutt will assume his new responsibilities immediately, with Manno relocating back to Charleston over the next six months.

Since entering the UK market in 2013, Greystar has built up a property portfolio worth £3.5bn, representing over 32,000 units and comprising both student housing and multifamily rental accommodation. The company is an investor and operator of student brand Chapter and a shareholder in student accommodation provider iQ.

pnorman@costar.co.uk

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