Investment Philosophy
Grove applies a private equity approach to investing in companies whose underlying assets and businesses are real estate or real estate related.  Rather than investing in real estate directly, Grove acquires or builds specialized investment entities – called platforms – which invest in real estate and real estate related assets.  Grove is highly selective, committing its resources only to a limited number of platforms in carefully selected markets throughout the world.  By focusing on a limited number of platforms in specifically targeted markets, Grove seeks to capitalize on the most compelling investment opportunities and to create competitive advantages at the platform level.

Investment Strategy
Grove is highly selective about the markets and businesses it invests in and follows an intense research-driven investment strategy.  The strategy includes initially conducting top-down, macroeconomic research to identify markets where underlying fundamentals create compelling investment opportunities.  Once Grove has identified an attractive market, Grove focuses its research in-country to identify attractive sector-specific business opportunities.  Grove then partners with outstanding entrepreneurs or leading companies with specific industry expertise to build market leading investment platforms.  Grove believes that its reputation, experience and deep network of relationships serve as an important competitive advantage in sourcing and partnering with industry-leading operating partners and management teams.

Platform Approach
Grove believes that the best approach to investing in diverse global real estate markets is through investment platforms.  These platforms are formed either through the creation or acquisition of operating businesses with entrepreneurial management teams, or through joint ventures with established real estate operators and financial investors.  Grove looks for exceptional, dedicated management teams to lead its platforms, with demonstrated track records of success and established networks within their areas of expertise.

Investing through platforms often generates proprietary deal flow as each platform aims to become a leader in its chosen sector and market.  When a platform becomes a successful specialized entity, it distinguishes itself from competitors through internalized operating expertise and economies of scale.  Sellers frequently approach platforms directly to dispose of assets, and therefore as such platforms are considered to be better buyers of that particular product, either from a pricing or an operational perspective.

Furthermore, with critical mass and dedicated management, platforms generally offer a greater range of exit opportunities.  In addition to portfolio asset sales and refinancing, the platforms themselves can be potentially sold through trade sales or public offerings.

Operating Partners
Grove seeks strategic operating partners with a proven track record of successful investing, in-depth local knowledge, a large relationship network and shared vision and values.  Operating partners interests are aligned through co-investment and incentive compensation that rewards superior performance.