Te Arataura chairperson Tukuroirangi Morgan with Prime Minister Christopher Luxon at the announcement of a joint venture between Tainui Group Holdings and global investment firm Brookfield, at Hamilton's Ruakura Superhub. Photo: RNZ/Calvin Samuel
One of the largest iwi in the country has partnered with global investment firm Brookfield for a massive investment into the iwi's industrial and logistics hub in Hamilton.
Tainui Group Holdings - the commercial arm of Waikato-Tainui - have entered into a long-term joint venture with the firm, who manage around US$1 trillion worth of assets across renewable power, infrastructure, private equity, real estate, and credit.
The deal will see the purchase of four buildings on long-term ground leases at the Ruakura Superhub, currently tenanted by Kmart, Big Chill, Refrigafreighters and PBT Express, and the development of a further 70 hectares of logistics development assets at the hub's intermodal logistics precinct.
The development is estimated to be worth more than NZ$1 billion.
Chairperson of Te Arataura Tukoroirangi Morgan - the executive committee of Waikato-Tainui - joined representatives from Brookfield and the government, including Prime Minister Christopher Luxon, Housing Minister Chris Bishop and Māori Development Minister Tama Potaka in Hamilton on Friday.
Speaking to the media, Morgan said his iwi had come a long way since its treaty settlement almost 30 years ago.
"We're about a month away from 30 years since the historic signing of the Raupatu settlement, the first Treaty settlement to be ushered in by the then National Government.
"It records an important part of the development of this tribe of Waikato."
"As I stand here today, in those 30 years, this is the single largest investment that this tribe has undertaken, and more especially, we are proud, we're excited by the fact that we are working now with a global giant, Brookfield's.
"A company that believes in the importance of partnership, so that we are able to be transformative here at Ruakura."
The Ruakura Superhub services around 45 percent of New Zealand's population, 42 percent of the nation's freight and 55 percent of the country's GDP with a 30ha inland port connected via rail to Auckland's port and the Port of Tauranga.
Under the deal, all the whenua of the 610ha Superhub precinct will remain in Waikato-Tainui ownership.
Prime Minister Christopher Luxon congratulated Waikato-Tainui for the joint venture and described the day as "momentous".
"I hope you feel incredibly proud of what you've achieved, but more importantly about what you're building for the future here.
"Partnerships like this are incredibly important because this is how we drive economic growth.
"By driving economic growth, that is how we put more money into Kiwis pockets (and) that's actually how we collectively lift all of all of our living standards as a result, and that's why my government's saying we are very open for investment."
Brookfield co-head of Australia and New Zealand Real Estate Ruban Kaneshamoorthy said a strong partnership was a key factor in getting the deal done.
"We are very selective with who we partner and being able to find TGH (Tainui Group Holdings)... they've really impressed us in terms of the quality of the institution that they are, their level of detail and how they've really approached us, embraced us, but really brought through the investment."
Kaneshamoorthy said his firm was open to business with other iwi.
"Part of what we have enjoyed through this process, is really that cultural alignment in terms of it hasn't just been about economic objectives, it's really been and the ability to make an impact from a social perspective, whether that be jobs creation, having the ability to reinvest in the community, or giving TGH the opportunity to reinvest back in the community.
"Off the back of a successful mold with this, we would actively encourage working with further iwi."
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