Tainui Group Holdings (TGH) has announced plans to offer for sale up to 50 percent of The Base located in Te Rapa.
The Base is hailed as one of New Zealand’s largest and most successful shopping centres
According to TGH Acting Chief Executive Chris Joblin, believes a half share will be attractive to a new investor in the dynamic and fast growing Waikato region.
Mr Joblin says, “Following a three month review we believe that now is the right time to seek an experienced joint venture partner and operator to help us take The Base to the next level of excellence. We want to ensure that our retail tenants and shoppers continue to have an experience up there with New Zealand’s best, and to diversify the investments of Waikato-Tainui,”
TGH believes selling a stake in The Base will help reduce debt and allow opportunities to re-invest in a balanced range of investment classes to grow jobs, increase cash returns to enhance tribal objectives and extend that land estate for Waikato-Tainui.
Joblin says, “The sale offer will include up to a half-share in the building developments and sub-leases that make up The Base. The underlying land will not be sold and will remain protected in the ownership of Waikato-Tainui under Pootatau Te Wherowhero title.”
He says, “We are proud of the achievements of Waikato-Tainui and TGH in developing and growing The Base and excited by the opportunities this next chapter will bring for the continuing success of The Base, and for TGH to take the next steps towards a balanced investment profile for Waikato-Tainui.”