August 05, 2015
Stake in The Base up for sale
Waikato-Tainui is selling a 50-percent stake in its flagship retail complex The Base at Te Rapa in Hamilton.
Tainui Group Holdings director Tukoroirangi Morgan says the sale is an opportunity to reduce debt, diversify assets away from bricks and mortar, as well as increase the tribe's land holdings.
Mr Morgan says that fulfils the promise of the old people – I riro whenua atu, me hoki whenua mai- which translated means – land was taken so land shall be returned which was the central premise behind the 1995 Waikato Raupatu Settlement.
Up for sale is a half-share in the buildings and leases but not the land underneath which will remain in the hands of the iwi under Potatau Te Wherowhero title.
Mr Morgan says the time is right to look for a retail partner with greater capacity and greater skill while allowing the iwi to diversify its asset base which could provide increased employment opportunities for some of their 67,000 tribal members.
The base with 180 shops covering 87,000 square meters is one of the largest shopping centres in the country.
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