GMO Renewable Resources

GMO Renewable Resources
40 Rowes Wharf
Boston, MA 02110
GMORRinfo@gmo.com

GMO Renewable Resources, LLC (GMORR) is the forest and farmland investment arm of Grantham, Mayo, Van Otterloo & Co. LLC (GMO). Since 1998, GMORR has invested approximately $3.2 billion in rural real estate assets in eight countries. We currently employ more than 30 people globally; our main office is located in Boston, Massachusetts and our investment team offices are located in Rotorua, New Zealand and Montevideo, Uruguay.

Overview

Since its founding, GMO Renewable Resources (GMORR) has provided investors with opportunities to invest in timberland and related investments through a series of pooled funds and separate accounts. Historically, GMORR has also managed agricultural investments ancillary to its timberland properties as part of a strategy to optimize land use and performance. Recently, GMORR has broadened its real asset investment capability to include dedicated agricultural investing. GMORR's seasoned team of rural land investment professionals is dedicated to the acquisition and sustainable management of globally diversified portfolios of timberland and farmland for the benefit of its clients. Employing a value-oriented approach, GMORR seeks to invest in assets at prices reflecting biological yield and productive capacity of the land and seeks to manage investments for total return over the long term.

Experience and Strategy

Timber

With experience in managing both plantations and natural forests, softwoods and hardwoods, U.S. and international operations, GMORR professionals are skilled at developing and managing a diverse group of timber investments. Since its inception, GMORR has invested in the U.S. in forests in Arkansas, Kentucky, Maine, Massachusetts, New Hampshire, New York, Oklahoma, Oregon, Tennessee, Texas, Vermont, Virginia, and Washington, and internationally in Australia, Brazil, Chile, Costa Rica, New Zealand, Panama and Uruguay.

At GMORR, we balance a strong capacity to generate deal flow with strict investment discipline and a focus on the productivity of the forest resource. We seek to acquire only well-located, investment grade forests that meet our return targets. We augment our own proprietary deal contacts with a network of alliances and relationships with a variety of entities, including multi-national forestry companies, local forest managers, conservation groups, and private entrepreneurs. Equally as important as our acquisition discipline is our ability to realize returns through opportunistic property sales.

Agriculture

Employing a value-oriented approach, GMORR seeks to invest in attractively-priced farmland where productivity can be improved and returns enhanced through the addition of capital, optimizing the mix of activities on the farm and achieving scale. We target investments in both row and permanent cropland, as well as in livestock. As with GMORR's timber investments, we focus on agricultural properties in lower-risk geographies where commercial agriculture is well-developed and good title, high-quality management, and adequate infrastructure are available. As we invest in agriculture globally, we leverage our timber operations and long-standing relationships with property managers and other local service providers in each region.

Properties are either leased to local farmers for a stable cash rent, directly operated where GMORR assumes yield and price risk, or some combination of approaches where both GMORR and the operator share in upside and downside potential. Because of our long experience in timber investing, we believe we can find value in mixed use properties by optimizing land use between timber and agricultural operations. As in our timber operations, we are opportunistic buyers and sellers.