Real Estate Question

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To complete this assignment:

Purchase and read the case study Private Equity Real Estate Investors – Overcoming the Challenges of Sustainability & ESG by, Claudia Zeisberger, Insead
You can access the case study through our Coursepack here: https://hbsp.harvard.edu/import/1107828
Read Carbon Neutrality in Investment Real Estate

Assignment:

Based on the case Private Equity Real Estate Investors—Overcoming the Challenges of Sustainability & ESG, please answer the following questions:

1) Why did Pro-Invest Group feel the need to implement ESG considerations?

2) What did Pro-invest Group do to increase its GRESB real estate assessment score in such a short time? What challenges did they face?

3) How and why did Pro-Invest Group choose the NABERS Energy and Water ratings for the Australian hotel portfolio? Who were the key stakeholders from whom the Pro-Invest Group had to get to buy-in into the scheme, and how did they do it?

4) Looking at holistic sustainable certification, which scheme would you choose to adopt across the UK & Europe? What are its advantages and disadvantages?

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Follow the APA Guide for formatting; however, you do not need to include an abstract.
Submit in Times New Roman, 12-point font, single-spaced.
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IN1829
Case Study
Private Equity Real Estate Investors –
Overcoming the Challenge of Sustainability
& ESG:
Pro-invest Group’s ESG Journey
Source: https://pixabay.com/illustrations/leaves-continents-earth-world-2874590/
05/2022-6729
This case study was written by Claudia Zeisberger, Senior Affiliate Professor of Entrepreneurship and
Family Enterprise and Academic Director of GPEI, and Alexandra von Stauffenberg, Associate Director
of the Global Private Equity Initiative (GPEI), both at INSEAD. It is intended to be used as a basis for
class discussion rather than to illustrate either effective or ineffective handling of an administrative
situation.
The authors gratefully acknowledge the contribution of Dr. Sabine Schaffer, Co-Founder & CEO Europe
and Cindy Van Der Wal, ESG Manager, both at Pro-invest Group.
The authors gratefully acknowledge the funding by the Hoffmann Global Institute for Business and
Society.
To access INSEAD teaching materials, go to https://publishing.insead.edu/.
Copyright © 2022 INSEAD
COPIES MAY NOT BE MADE WITHOUT PERMISSION. NO PART OF THIS PUBLICATION MAY BE COPIED, STORED, TRANSMITTED, TRANSLATED,
REPRODUCED OR DISTRIBUTED IN ANY FORM OR MEDIUM WHATSOEVER WITHOUT THE PERMISSION OF THE COPYRIGHT OWNER.
This document is authorized for use only by Xinying Hu in JHU Net Zero Real Estate – Fall 2023 taught by Carolyn Grimsley, Johns Hopkins University from Oct 2023 to Dec 2023.
For the exclusive use of X. Hu, 2023.
2017: A Giant Step Forward
Pro-invest Group had moved from its Macquarie Street offices to Hunter Street in Sydney, giving
the ever-growing team easy access to Wynyard station and Harbour City. Its first fund, Pro-invest
Australian Hospitality Fund I, held eight assets (three of them operational) and was on track to be
fully committed. It was now busy launching a second hotel fund, Pro-invest Australian Hospitality
Opportunity Fund II. With capital-raising activities in full swing for Fund II, staff numbers had
increased to around 30 sector-specific professionals who combined decades of local and
international expertise – nearly three times the size of the team at the outset in 2015.
In seeking to develop, operate and manage the assets under Fund I while rolling out the Fund II
portfolio with the same structure, the importance of environmental/social/governance (ESG)
considerations for the business had come into focus. Not only were there competitive and financial
benefits to be reaped but interest in ESG standards and sustainability issues was rising among
investors. Incorporating ESG helped to attract and retain staff, boost productivity and innovation,
and reduce expenses at the asset level by lowering utility costs thanks to better monitoring and
management of consumption. Moreover, ESG initiatives were eligible for tax-reduction schemes
in some regions. They also helped attract institutional investors, boost asset valuations, and
secure green loans and sustainability-oriented grants, which in turn would drive improved
environmental performance across the portfolio.
The team felt strongly about ESG issues and was committed to their implementation at every level
of the company. Dr. Sabine Schaffer, Managing Partner, decided to appoint an interning analyst
to support her and the CFO in completing the internationally acclaimed GRESB (Global Real
Estate Sustainability Benchmark) assessment, an investor driven ESG benchmark and reporting
framework. However, in its first year the results of Pro-invest Group were bleak: it scored a mere
29 out of 100.
Using the assessment as a benchmark, the executive team saw the opportunity to improve the
Group’s knowledge, coverage, adoption and management of ESG fundamentals, and thereby
raise its standing in the sustainability rankings. Starting with the poor results of the first GRESB
assessment, they undertook an ESG gap analysis, setting strategies and targets to identify areas
of opportunity. It then handed over end-to-end execution to a full-time employee with support from
key stakeholders across the business.
As of late 2017 and early 2018, Pro-invest looked into the NABERS (National Australian Built
Environmental Rating System) energy and water ratings, which calculates the performance of
existing buildings using environmental indicators based on retrospective consumption, applying a
6-star rating scale (6 indicating a market-leading performance).
Dr. Schaffer worked with Mr. Ronald Barrott, founder, chairman & CEO of Pro-invest Group, and
Mr. Tim Sherlock, Managing Director of APAC, to select a hotel from Fund I – the Holiday Inn
Express Sydney Macquarie Park 1 – to undergo the NABERS energy and water rating. The hotel,
which had been developed, operated and asset-managed by Pro-invest Group, would show them
how they were doing in terms of environmental performance. The outcome of the assessment
1
The Holiday Inn Express Sydney Macquarie Park marked the brand’s debut on the Australian hotel market.
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confirmed that Pro-invest Group was designing and operating the hotel efficiently: it scored 4.5stars under the energy rating 4.5-stars under the water rating under the NABERS scheme.
From this, they realised that by focusing on new purpose-built hotels, Pro-invest had a significant
advantage: it could ‘future proof’ its hotel portfolio not just from a technical perspective but by
introducing higher environmental standards and initiatives. By having control over the hotels’ entire
lifecycle and implementing sustainability measures throughout, it could derive tangible advantages
like reduced utility bills and operational expenses.
The Strategy Evolves
In 2018, Pro-invest Group submitted its second annual GRESB Real Estate Assessment hoping
to achieve a better score, particularly as the portfolio was growing at a rapid pace and investor
queries were mounting. Further pressure to implement new processes and initiatives came from
the GRESB real estate assessment deadline. Pro-invest Group had also set internal targets to
continuously improve ESG over a given period.
Sabine succeeded by allocating the full-time resource to support her in identifying their strengths
and opportunities across the business for adopting further ESG-oriented processes. They also
onboarded a sustainability software portal to capture portfolio-level data across its various assets.
It proved challenging to navigate in “unchartered waters”. Cindy Van Der Wal, the ESG Manager,
worked in coordination with the Pro-invest Group team at the corporate level and at the hotel level
with representatives from Development, Operations, Finance and Asset Management – taking an
integrated approach to ESG. Since there were new areas of implementation and a plethora of
ESG-related content available, they first had to sift through all the information to decide on the
next step. Alliances with sustainability professionals led to pointed questions about the lifecycle of
its assets, and opening up a ‘rabbit hole’ of information, documents, opinions and obstacles.
The next step was to identify the gaps to fill and targets to be met relative to the assessment. This
meant putting Pro-invest and its operations at the centre and working backwards to fill non-existent
or grey areas. They decided what was impactful and ‘accomplishable’ – i.e., could be researched,
implemented, and executed in a limited timeframe. They filtered potential “action items” and
homed in on what made most sense given the limited number of staff at that time: implementing
governance structures that would set the ESG framework for the Group and its hotels.
Governance included policies to address gaps and appropriate processes/guidance to fill them.
Examples included policies on addressing environmental concerns, setting NABERS baselines,
and ensuring working conditions were monitored in the employee environment. They held frequent
meetings to report on ESG progresses and initiatives.
With support from the broader team, Pro-invest Group looked at best practice by other companies
to see how they incorporated ESG into their policies and procedures. These were tailored to its
own assets and frameworks or served as guidance for new initiatives. For example, its hotels
adopted the IHG programme “A Greener Stay” whereby guests could opt out of housekeeping
services. This produced operational savings by reducing energy, water and waste (where on-site
housekeeping was done). Employee engagement surveys were used to monitor the response and
obtain feedback.
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Six months later, there was excitement and tension as they waited for the outcome of the second
GRESB real estate assessment. The team’s dedication and commitment to a vision that was rare
at this level – was rewarded: Pro-invest Group attained 68 out of 100 – more than double the first
year’s score. Moreover, as efforts in the domain of sustainable real estate management
intensified, they brought opportunities in terms of market positioning and convincing investors
concerned about the impact of climate change.
Reaching for the Stars in Sustainability
In the run-up to the third GRESB Assessment, the Holiday Inn Express Melbourne Southbank set
new standards in energy efficiency, drawing on an A$39 million investment commitment from the
Clean Energy Finance Corporation (CEFC), a government-owned ‘green bank’ established to
facilitate the flow of funding into the clean energy sector. This was CEFC’s first investment in the
hotel sector. Pro-invest Group and CEFC made history, driving the hotel to a 5-star NABERS
Energy rating, up 0.5.
Design changes were modelled to cut 25% of the hotel’s energy consumption within a 12-month
trading period, a substantial saving that would provide ongoing benefits for the hotel, carbonconscious guests, and the environment. The 345-room hotel would include high-performing
glazing, a photovoltaic system on the roof, and regenerative lift drives that could recycle energy.
By early 2019, much of the groundwork had been laid in terms of ESG implementation:
–
Pro-invest had completed two GRESB real estate assessments, and was preparing for
the third
–
It had received energy and water NABERS ratings for one of its 11 hotels (4 were
operational, the remainder were under development).
–
The team had established ESG-specific policies and was communicating with
stakeholders about its efforts to monitor and record the hotels’ utility consumption.
–
It had set up a sustainability software portal to provide insights from the entire portfolio.
–
It had trialed the NABERS Energy and Water scheme on the Holiday Inn Express Sydney
Macquarie Park, and had committed to increasing energy and water efficiency of its hotel
portfolio.
Independent, Scalable & Recognisable
What was missing, however, was a standardized third-party-administered scheme across all its
hotel assets to show investors that Pro-invest Group was as ESG-efficient as it claimed to be. As
the portfolio grew, so did the need for a consistent, scalable verification system. As discussions
advanced with potential investors for Fund II (and various other stakeholders), the need for
benchmarking abilities intensified.
Notwithstanding its experience with the NABERS rating scheme, the Group wanted to see what
other schemes were available and decide which was most applicable to the portfolio it was building
across Australia and New Zealand. It devised a checklist to screen the many schemes available
to real estate assets within Australasia and their various features:
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1. Tool purpose, structure, coverage & relevance
2. Applicability to hotel assets
3. Eligibility criteria & mandatory milestones relevant to hotel lifecycle stages
4. Scaling/rating system features
5. Hotel & other real estate benchmarking abilities
6. National & international adoption, success plus market presence
7. Budget allocation requirements
8. Ongoing scheme for maintenance/renewals
9. Resources & labour requirements
monitoring/management of tool
during
administration,
implementation
and
10. Logistics of rollout
People with appropriate expertise at Pro-invest Group reviewed the content, collated the research,
and talked to sector stakeholders, reviewing the reputation and international presence of each
scheme.
Having tabulated these for comparison, they identified the systems and processes Pro-invest had
in place and how they “fit” with the requirements of the respective schemes available. They talked
to representatives of the schemes about their respective formalities and timelines, and held
internal meetings to hear the opinions of those who would be affected. Having narrowed down to
two, they worked through the process and resources required, and their respective benefits. The
entire process spanned several months, with information, insights, stakeholder debriefs and
strategy sessions bouncing back and forth across various areas of expertise.
The team making the selection had to take into account management’s perspective coupled with
the composition of the hotel portfolio and its requirements at that point in time. As with any new
initiative, it involved changes in the way roles were carried out and a period of adjustment, working
through the shift from standard operating procedures to a forward-looking business with an ESG
lens. Alongside this, they had to ensure the vision was shared with all stakeholders, by boosting
communications (internal and external) to convey a consistent message about the reasons for and
importance of the strategy.
They finally settled on the NABERS hotel tool as the most viable option to design, develop, operate
and asset manage the hotel portfolio with energy, water and carbon neutrality in mind. Not only
was this the best fit with the existing resources/processes, but it came with the benefit of earlier
experience (from the Holiday Inn Express Sydney Macquarie Park). The choice of the NABERS
tool for its hotel assets was timely as the Council of Australian Governments (COAG) had made it
mandatory – via the Commercial Building Disclosure (CBD) Program for large office spaces – to
have a NABERS rating when leased or sold, and was planning to expand the CBD programme to
hotels. This would oblige hotels in Australia to obtain a NABERS rating and subsequently disclose
that rating publicly.
The Pro-invest Group team were excited about presenting the selection to the Clean Energy
Finance Corporation, which was now a potential investor in Fund II after the earlier successful
partnership. The plan was for the NABERS rating scheme to be adopted fund-wide (for Fund II)
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prior to launch. CEFC and Pro-invest Group discussed a strategy for sustainability for Fund II.
CEFC subsequently invested in the Fund II hotel portfolio with a target to deliver a 5-star NABERS
hotel portfolio, making it one of the highest green-rated hotel portfolios in Australia/New Zealand.
With CEFC’s involvement, it was able to ‘push the boundaries’ in the hotel sector and drive
operational changes in the domain of sustainable development.
But first, the details had to be worked through and budgets allocated. This involved key
stakeholders from various departments/backgrounds such as design & development,
sustainability, finance, risk management and legal. Once established, a clear framework was set
to guide teams to execute scheme targets and ensure all requirements were adhered to.
To address stakeholder concerns and boost staff engagement in adopting NABERS/ESG,
education was vital. Sessions were held to guide staff through the changes and brief them on the
key changes that would take place. From then on, it was only a matter of time for team buy-in and
letting the cultural change happen, getting everyone on board with the new ways of developing,
operating and managing the hotel portfolio in line with the NABERS targets.
Expanding its Market Presence
By 2021, Pro-invest Group had made its mark as an integrated private equity real estate business
combining hotel investment, development and operational capabilities. It was among the largest
hotel investment platforms in the region. The portfolio held over 10 NABERS ratings for energy
and water, more properties set to be assessed once applicable, and continued adoption of best
practice with respect to sustainability. Of the 10 NABERS ratings, the level of efficiency was 5-star
and above. Pro-invest was also leveraging its position as a leader in sustainable hospitality to
attract “green” funding from investors, as well as government grants and bank loans.
The Group now had four offices in strategic hubs – adding one in Dubai (UAE), then Vienna
(Austria), and London. The London office in 2021 came about as as result of investment
opportunities arising from disruption caused by COVID-19. With an eight-strong team led by
former executives from the Abu Dhabi Investment Authority and hospitality group IHG Hotels &
Resorts, it would pave the way for investments in Europe with capital from a separately managed
account. In fact, prior to establishing Pro-invest Group’s portfolio in Australia, founder Ronald
Barrott had established a track record of investing in European real estate and had founded the
London-headquartered integrated hospitality platform Stannifer Group, where he introduced the
Holiday Inn Express hotel brand to the UK hotel market.
Pro-invest Group’s re-entry into the European market was accompanied by efforts to understand
the intricacies of sustainability schemes within the region for hotel assets. The London team began
circling the market, looking for hotel investment opportunities. Their focus ultimately settled on
existing hotel value-add opportunities in the UK, Germany and Poland.
ESG Schemes in the UK & Europe
Their research indicated that the ESG landscape in the UK and Europe was complex. Following
Sabine’s lead, they wanted to understand if there was a scheme similar to NABERS in the region.
There were several types of environmental or “green” ratings and certifications for hotels and real
estate assets on offer, varying from no-cost to high-cost. The majority involved a cost as they
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required third-party auditors to make an analysis of the hotels’ environmental practices, verifying
these via property inspections. However, not all certifications were applicable to hotel lifecycles or
even hotel assets.
The most feasible solution was to identify which certification scheme/s the hotel or portfolio was
targeting, since each had its own requirements at the design, construction and/or operation phase.
By so doing it could limit the risk of investing resources in areas that would not count towards
certification, which was what boosted credibility among the hotel’s stakeholders. With this is mind,
Pro-invest needed a suitable, scalable, and sustainable certification scheme to cover the key
regions of the UK, Germany and Poland. As NABERS had only been introduced in the UK since
November 2020, and exclusively for office buildings, three alternative options surfaced:
1. BREEAM (Building Research Establishment Environmental Assessment Method) (see
Appendix 1)
2. LEED (Leadership in Energy & Environmental Design) (see Appendix 2)
3. WELL Building Standard (see Appendix 3)
Comparison of the Three Schemes
Primary Focus
Applicable to Hotels in
UK/Europe?
Geographic Presence
No. of Projects Certified
Globally (in 2020)
No. of Projects Certified in
UK (in 2020)
Categories / Concepts of
Focus
BREEAM
Environmental
Sustainability
LEED
Environmental
Sustainability
WELL
Occupier health &
wellbeing
Yes
Yes
Yes
Used in over 85 countries
on thousands of projects.
Countries / regions include
UK, USA, Netherlands,
Norway, Spain, Sweden,
Germany, Austria,
Switzerland, China, etc.
Internationally recognised.
Administered via USGBC.
Internationally recognised.
>500,000
>73,000
>326
>12,945
>95
>11
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Management
Health & Wellbeing
Energy
Transport
Water
Materials
Waste
Land Use & Ecology
Pollution
Innovation
1.
2.
3.
4.
5.
6.
7.
8.
9.
Integrated Process
Location &
Transportation
Sustainable Sites
Water Efficiency
Energy & Atmosphere
Materials & Resources
Indoor Environmental
Quality
Innovation
Regional Priority
Administered By /
Managed By
Building Research
Establishment (BRE)
United States Green
Building Council
Assessment By
BREEAM Assessor
LEED AP (assisting)
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1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Air
Water
Nourishment
Light
Movement
Thermal Comfort
Sound
Materials
Mind
Community
Innovation
International Wellbeing
Institute
WELL AP (assisting)
WELL Assessor (verifying)
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Green Business Certification
Institute (GBCI)
Certification By
BRE
Certification Levels
•
•
•
•
•
Focus
Comprehensively addresses
environmental
sustainability
Assessment
Third-party assessed
Alignment
Fits in seamlessly with UK
legislation & Best practice
Flexibility / Adaptability
Combination
Pass
Good
Very Good
Excellent
Outstanding
Flexibility – scheme fits
nearly all building types &
Bespoke is available for
more unusual buildings.
Can be combined with
WELL
•
•
•
•
Certified
Silver
Gold
Platinum
Draws attention to lesserknown sustainability
aspects such as solar
reflectance.
Third-party assessed
Promotes some measures
that are lesser known or
practiced in the UK i.e.
integrated project delivery.
Third-party assessed
Raises profile of previously
unknown / lesser-known
concepts i.e. biophilic
design.
Accommodates LEED &
BREEAM
Site Verifications
NA
NA
Ongoing Performance
Requirement
NA
NA
Marketing has much
approved in last decade.
Social & economic
sustainability
considerations limited.
No ongoing performance
requirement.
Relatively light-touch onsite verification of evidence.
Stronger marketing &
presence
Social & economic
sustainability considerations
limited.
No ongoing performance
requirement.
Limited on-site verification
of evidence.
Programme Schedule
–
–
Cost
–
–
Site Verifications
Focuses on occupiers &
addresses items directly
affecting them.
Can be combined with WELL
NA
Ongoing Performance
Requirement
Bronze (for Core)
Silver
Gold
Platinum
Flexibility – scorecard is
flexible to allow all building
types.
Geographical Adaptation
Social & Economic
Sustainability
•
•
•
•
NA
Have been attempts to
open more to international
market (i.e., European
Alternative Compliance
Paths)
Marketing
Green Business
Certification Institute
(GBCI)
Sources: BSRIA 2020; BREEAM 2021; LEED 2021; WELL 2021; CloudBeds 2021.
More flexibility & openness
towards UK standards.
Verified on-site via
measurements.
Ongoing performance
verification & certification
renewal is required.
Stronger marketing &
presence
Aspects of social
sustainability (in context of
health) are addressed.
Very tight control of
programme required to
schedule on-site
verification.
Relatively high cost due to
on-site verification.
Championed by Sabine’s Schaffer’s dedication to ESG implementation for the social and financial
return for Pro-invest Group’s stakeholders, the UK & European Pro-invest Group team began
exploring membership and alliance opportunities to advance their knowledge of ESG within the
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European landscape. Their efforts uncovered nuances in the regulatory environment, such as the
introduction of the EU taxonomy having established a list of environmentally sustainable economic
activities which plays a crucial role in supporting the EU region uplift sustainable investments and
the implementation of the European Green Deal. All of which have an impact on the way business
operations are conducted.
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Assignment Questions
1.
Why did Pro-invest Group feel the need to implement ESG considerations in their
investment mandate?
2. What did Pro-invest Group do to increase the GRESB score in such a short timeframe?
What challenges did they face?
3. How and why did Pro-invest Group choose the NABERS Energy & Water ratings for the
Australian hotel portfolio? Who were the key stakeholders from whom it had to get buy-in
to the scheme, and how did they do it?
4. Which certification scheme would you choose to adopt across the UK & Europe? What are
its advantages and disadvantages?
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Appendix 1
BREEAM (Building Research Establishment Environmental Assessment Method):
BREEAM (est. in 1990) was the first national environmental assessment scheme to provide independent
third-party assessment and certification of the sustainability performance of individual buildings,
communities and infrastructure projects. An international scheme, its assessment and certification occur at
various stages in the built environment’s life cycle, from design/construction through
operation/refurbishment. Certification involves checking (by impartial experts) of an assessment by a
qualified BREEAM assessor to meet quality and performance standards. Central to this process are the
certification bodies – organizations with government approval (through national accreditation bodies) to
certify products, systems and services. Three core BREEAM certifications are available for buildings:
1. BREEAM New Construction: Used to assess design, construction, intended use and futureproofing
of new building developments (including the local, natural or man-made environment surrounding
the asset). Used to assess the majority of assets.
2. BREEAM In-USE: An assessment enables asset stakeholders to determine and drive sustainable
improvements in operational performance of buildings. Provides sustainability benchmarking and
assurance for all building types.
3. BREEAM Refurbishment & Fit Out (RFO): A standard that enables asset’s stakeholders to assess
and mitigate sustainability-related impacts during the design and work on refurbishment or fit-out
projects. Reflects the performance of asset once improvements are made to the external envelope,
structure, core services, local services or interior design of a building. Used across Europe, with
certified assets in UK, France, Italy and Poland.
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Appendix 2
LEED (Leadership in Energy & Environmental Design):
Developed by the United States Green Building Council (USGBC), LEED recognizes properties with
sustainable practices. It applies to all building types and building phases, including new construction, interior
fit-outs, operations and maintenance, core and shell. LEED is recognized internationally and any type of
property can pursue certification (44% of square footage of LEED certification is outside the US). It’s the
most widely used green building rating system in the world.
LEED Green Building Rating System considers environmental and human health issues in determining
hotels and other asset classes to be environmentally friendly. Eight LEED certification types were identified
for real estate assets:
1. Building Design & Construction (BD+C): For new construction and core and shell. Applicable to
schools, retail, hospitality, data centres, warehouses distribution centres and healthcare.
2. Interior Design & Construction (ID+C): For commercial interiors. Includes applications for retail and
hospitality.
3. Building Operations & Maintenance (O+M): For existing buildings undergoing improvement work or
little to no construction. Includes applications for schools, retail, hospitality, data centres, and
warehouses & distribution centres.
4. Neighborhood Development (ND): For new land development projects or redevelopment projects
for residential use, nonpresidential use, or a mix. Projects can be at any stage of development, from
conceptual planning to construction. Includes Plan & Built projects.
5. Homes: Single family homes, low-rise or mid-rise multi-family homes.
6. Cities & Communities: For entire cities and sub-sections of a city. LEED can measure and manage
a city’s water consumption, energy use, waste, transportation, and human experience.
7. LEED Recertification: Important in protecting the building asset. Helps in maintaining and improving
the building while keeping sustainability investment in place. Applies to all occupied and in-use
projects that have previously achieved certification under LEED – including BD+C and ID+C,
regardless of the initial rating system.
8. LEED Zero: Available for all LEED projects certified under the BD+C or O+M rating systems or
registered to pursue LEED O+M certification. LEED Zero is for projects with net zero goals in carbon
and/or resources.
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Appendix 3
WELL Building Standard
The WELL building certification reflected the increased focus placed on health and wellbeing, and ‘healthy
buildings’. Started in 2014, the scheme drew attention to people being a core factor in occupying buildings,
and their engagement, wellbeing and productivity being significant factors in driving successful companies.
As per the USGBC, the scheme serves as a performance-based system for measuring, certifying and
monitoring features of the built environment that impact human health – air, water, nourishment, light,
fitness, comfort, and mind.
WELL is managed and administrated by the International WELL Building Institute (IWBI), a public benefit
corporation whose mission is to improve human health and wellbeing through the built environment. Albeit
more recent than established certification schemes such as BREEAM or LEED, it is increasingly visible in
the market.
Copyright © INSEAD
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This document is authorized for use only by Xinying Hu in JHU Net Zero Real Estate – Fall 2023 taught by Carolyn Grimsley, Johns Hopkins University from Oct 2023 to Dec 2023.
For the exclusive use of X. Hu, 2023.
Appendix 4
Pro-invest Group Profiles
Group Overview
Pro-invest Group’s mission is to create sustainable returns in an effective and responsible way. As a trusted
partner, Pro-invest Group has facilitated Investors accessing outperforming value-add and development
real estate opportunities in its focus on Australasian and European markets.
Pro-invest Group’s integrated platform covers the end-to-end investment process, from structuring and
management of funding through to development and operations. Using in-depth market knowledge and
extensive experience, Pro-invest Group’s in-house specialists rigorously underwrite opportunities, develop
value adding investment strategies and price risk.
Next to its commercial activity, Pro-invest Group has a particular focus on hotels and development enabling