Topics: Business, Tainui

Tainui to retain land despite move to sell 50% of The Base shopping complex

By Numia Ponika-Rangi
  • Waikato/Bay of Plenty

The Base at Te Rapa in Hamilton is one of New Zealand's largest shopping centres and Tainui Group Holdings (TGH) has announced that it intends to sell 50% of The Base but the land however remains under the ownership of Tainui.

The Base shopping centre was opened in 2005 under a 50/50 joint venture arrangement between TGH and The Warehouse Group.

Over the years it has grown and developed and now is the right time to sell and expand.

Tukoroirangi Morgan says, “The move to sell a stake in The Base will release a significant amount of capital for TGH, which it will use to reduce debt and re-invest in a balanced range of investment classes to grow jobs, increase cash returns to further tribal objectives, and extend the land estate for Waikato-Tainui.”

The people need not worry about losing the land says Morgan.

“The land at Te Rapa is not for sale, but the buildings on the land and the leases are.  The land will remain because the title is under the First King Potatau Te Wherowhero, it remains sacred land.”

The financial gains from the sale within the world of sales and investments of Tainui assets is in the hands of the experts.

“The commercial arm of Tainui, Tainui Group Holdings will be investigating all our options regarding re-investing and new investments, which will bring financial gains for our people including buying more land, and generating employment,” says Morgan.

As well as the benefits of the sale for the people, there's another important goal here.

Morgan says, “The other aim here is to fulfil the challenge left by Sir Robert Mahuta, for land taken, land must be returned, and the money will compensate for the sins of the Crown.”