October 05, 2016
Ngai Tahu ready for Auckland ramp-up as Christchurch slows
Ngai Tahu Holdings is looking north for opportunity as the Christchurch rebuild winds down.
The company cited Christchurch residential developments as a major factor in a year that delivered a total net profit of $210 million, allowing it to distribute $44 million back to the tribe.
Chief executive Mike Sang says it is looking closely at the Auckland market, though it’s not ready yet to plunge in.
"We’re obviously doing a project in Hobsonville and I think realistically with Christchurch going post-earthquake and our volume of activity expected to slow down by the end of this calendar year, we need to find a more balanced set of development opportunities for our property guys, so that will be a mix of Canterbury, Auckland as well as looking for opportunities around Te Waipounamu," he says.
Mr Sang says as iwi companies get larger they look for bigger investments, which creates opportunities for co-investment with other post-settlement iwi or with long term investors like the New Zealand Superannuation Funds and the Accident Compensation Commission.
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