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November 04, 2015
Ngati Whatua assets up 22 percent in year
Waatea Team
Posted On November 4, 2015
Galloping Auckland property values have boosted the wealth of the city’s mana whenua iwi, with Ngati Whatua Orakei Trust reporting a 22 percent increase in the value of its assets to $767 million.
Chair Phillip Davis says while its Whai Rawa investment arm is growing the financial base, its Whai Maia social arm is delivering more support to whanau.
During the year the trust focused on housing for whanau and other Aucklanders, protecting its settlements and reviewing its trust deeds.
He says 41 houses were upgraded to a new housing standard at a cost to $30,000 to $50,000 for each whare, making them warmer and healthier for whanau.
Whai Rawa chairman Michael Stiassny says while the company benefited from the overall strength of the Auckland property market, it also made strategic investments such as the acquisition of AECOM House in the central business district.
That contributed $3.7 million in operating revenue from November to June.
Whai Rawa plans to reinvigorate its Quay Park precinct on former railway land, and it will move 30 whanau into its Kainga Tuatahi development in Orakei next year.
Copyright © 2015, UMA Broadcasting Ltd: www.waateanews.com
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