Iwi signs ‘most significant’ partnership deal with major investor

Waikato, the iwi and economic powerhouse, has teamed up with global trillion-dollar investor Brookfield Asset Management to further develop the tribe’s “super hub” in Hamilton.

The Ruakura Superhub is a multi-use precinct the size of Auckland’s CBD and home to Hamilton’s inland port.

Tukoroirangi Morgan, chairman of the tribe’s executive arm Te Arataura, said the partnership with Brookfield is “by far” the tribe's “most significant” investment opportunity in the 30 years since their settlement.

“I can tell you that across this country, other iwi will look at this and agree with us that actually, this is huge,” he said, “and to that extent, I don't remember any other deal that comes close to this one in terms of the value, in terms of the scale of investment.

“So that's why I say, it's not only extraordinary for us, but actually it's a major opportunity for other iwi to follow our example.”

Ruakura is located on land that was returned to the iwi in 1995 as part of its treaty settlement, and the terms of the joint venture recognises that ownership will remain with the iwi “across the full 610ha” precinct.

Ruban Kaneshamoorthy, co-head of Brookfield Real Estate Australia, said they will be investing up to a billion dollars towards the development of the superhub’s logistics precinct and would be open to adding to that “as long as the economic and cultural objectives” are reached.

The partnership was made official with a signing ceremony held at Turangawaewae Marae in Ngāruawahia.

Morgan said Brookfield's work with indigenous peoples across the globe, including their "Australian cousins", gives them confidence to “get on” and “do the mahi”.

"We think, actually, this is a nice synergistic relationship,” he said.

When asked what attracted Brookfield to invest into Ruakura, Kaneshamoorthy said they saw it as a “unique investment” to partner with “a group such as TGH” to work on combined objectives. He said it was a first for them to partner with a “dedicated indigenous group”.

The partnership will buy four existing industrial and logistical buildings on long-term ground leases – tenanted by Kmart, Big Chill, Refrigafreighter and PBT Express – with future development plans in the pipeline.

Glossary

Waikato - name of iwi/tribe

Tainui - name of ancestral waka

Waikato-Tainui - name of tribal authority

Te Arataura - name of iwi executive arm

Tainui Group Holdings - name of iwi commercial entity