July 04, 2013
Tainui looking for new investments
Tainui Group Holdings is looking to invest in smaller property development projects and private companies while it waits for its major inland port development at Ruakura, to overcome planning hurdles.
The company yesterday announced a net profit of $45 million for the year ending March 31, which contributed to Waikato Tainui's total net profit of $111 million.
Chief Executive Mike Pohio says it is concentrating on increasing the dividend to Waikato-Tainui, which this year was $11.5 million, and increasing the value of the assets so it can borrow the money needed for further large developments.
"The developments of scale have been completed. The ones we had in our books, in terms of Te Awa at The Base and the Novotel Auckland Airport, we're looking forward to that next wave of growth that will come not only from the concentration of effort on Ruakura but also from the diversification of our investment strategy," he says.
Tainui Group Holdings has scrapped plans for an auto precinct at The Base in Te Rapa and have deferred development of first floor retail at Te Awa and a multi-level car park until market demand increases.
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