Te Arataura chairman Tukoroirangi Morgan and Prime Minister Christopher Luxon welcome plans to develop the Ruakura Superhub. Photo / NZME
Te Arataura chairman Tukoroirangi Morgan and Prime Minister Christopher Luxon welcome plans to develop the Ruakura Superhub. Photo / NZME
Waikato-Tainui has partnered with global investment firm Brookfield to develop a logistics hub at an inland port.
Prime Minister Christopher Luxon celebrates “momentous” day.
Tukoroirangi (Tuku) Morgan of Waikato-Tainui says the investment is a “legacy development” for future generations.
One of the country’s wealthiest iwi is making its largest investment in the three decades since it settled with the Crown over land grievances.
Waikato-Tainui announced a partnership on Friday with global investment firm Brookfield to develop the Ruakura Superhub, an inland port in Waikato that services more than half of the country’s GDP.
The port is connected via rail to the country’s two largest commercial ports, Auckland and Tauranga.
Tukoroirangi (Tuku) Morgan, chairman of Waikato-Tainui’s executive arm Te Arataura, struggled to find the words to express how pleased he was with the investment.
“It is pretty difficult to find the appropriate words in order to explain the euphoria, the sense of achievement, the scale of the opportunity that has come as a result of this partnership.”
Te Arataura chairman Tukoroirangi (Tuku) Morgan says the investment is a “legacy development”. Photo / Supplied
Initially, the joint venture will purchase four existing industrial and logistics buildings at the site, tenanted currently by Kmart, Big Chill, Refrigafreighters and PBT express.
The land at the site will remain in Waikato-Tainui ownership. The 610ha precinct has a forecast completion value of more than $1 billion.
In 1995, Waikato-Tainui became the first iwi to settle its grievances with the Crown, valued at $170 million and representing 1.4% of the almost $12 billion of land estimated to have been lost through war and confiscation.
“We are about a month away from 30 years since the historic signing of the raupatu settlement,” Morgan said.
“It records an important part of the development of this tribe and Waikato, and so as I stand here today, in those 30 years this is the single largest investment that this tribe has undertaken.”
The Herald reported in March the iwi held assets totalling $2.4b, with its largest investments being in property.
“Developments of this size are important for not only our region but for our nation,” Morgan said.
“This is also an opportunity to send a message to other iwi across this country. It says that we are actually able to do business with successful global companies, it says doing business is a real possibility and where partnership of substance and significance can be achieved.”
Morgan said the investment was “legacy development” that will deliver “fruits [for] those after us to enjoy”.
“For us, this is a line in the sand to say to our people this is just the beginning, there is promise of more in the future.”
Prime Minister Christopher Luxon called the day “momentous”.
“This is genuinely a very, very special day. To Waikato-Tainui, I hope you feel incredibly proud of what you have achieved but more importantly what you are building for the future here.
