Brookfield and Tainui Group Holdings (TGH) have teamed up on a NZ$1bn (€516m) logistics development at Ruakura Superhub in Hamilton, New Zealand, with potential for further joint investments.
The asset manager and Waikato Tainui-owned TGH will initially purchase four existing industrial buildings on long-term ground leases at Ruakura Superhub and intend to develop a further 70ha of logistics assets at the intermodal logistics precinct.
Ruakura Superhub is located within New Zealand’s primary supply chain corridor. The site offers connectivity and potential cost benefits, featuring a 30ha inland port with rail links to the Ports of Auckland and Tauranga, as well as direct access to a state highway.
The land across the Superhub precinct will remain under the ownership of the tribal group, Waikato Tainui. TGH will contribute investment, property management, and development services to the joint venture.
Ruban Kaneshamoorthy, Brookfield co-head of Australia and New Zealand real estate, said: “We are honoured to partner with TGH to further activate the major logistics and industrial precinct within Ruakura Superhub, bringing global capital at scale and unparalleled expertise as one of the world’s most active real estate investors.”
Tukoroirangi Morgan, chair of Te Arataura, the executive committee of Waikato Tainui, said: “The new joint venture reflects the strength of the Maaori economy and signals that the iwi is open for global business. As an iwi, our horizon is intergenerational; we are about building a legacy for future generations.
“Brookfield, which we selected for its aligned goals, values and fit, understands that. Together we will create real opportunities for economic growth that will reverberate for our people, Brookfield’s investors and our city, region and country.”
Hinerangi Raumati Tu’ua, TGH chair, said: “Our decision to partner with Brookfield is built on our experience over many years of partnering to bring in external capital, skills and networks to help us accelerate growth. Partnership is a proven strategy for TGH that has achieved success across a broad range of investments over the long term.
“Our shared vision to invest at Ruakura Superhub will bring a suite of benefits to the Waikato and Aotearoa and in particular economic growth.”
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