Tainui Group Holdings
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| Tainui Group | |
| Formerly | Iraklis Thirty One Limited[1] (24 March 1998 - 10 June 1998) |
| Company type | Private |
| Industry | Holding |
| Founded | 24 March 1998[1] |
| Headquarters | 6 Bryce Street, , |
Key people | Chris Joblin - CEO |
 NZ$84.01 million[2] (2015) | |
| Total assets | NZ$1,163 million[2] (2015) |
| Total equity | NZ$861.56 million[2] (2015) |
| Owner | The Waikato Raupatu Trust[2] |
| Members | 67,000[2] (2015) |
| Parent | Te Whakakitenga o Waikato Incorporated[1] |
| Website | Homepage |
Tainui Group Holdings Limited is a New Zealand-based company owned by the Waikato Tainui iwi of the North Island of New Zealand. With main interests in tourism, fisheries, property and forestry it is among the wealthiest iwi in New Zealand, and annually contributes around $20 million to the Waikato Regional economy.[2] Exclusive to the Maori Economy, Waikato-Tainui has an Exclusive Economic Zone that covers more than 25,000 km2.
History
The central North Island-based Tainui iwi has a corporate history dating back to 1995, when it settled for a $170 million package of cash and crown-owned land.[3] Tainui subsequently received top-ups to the value of 17 percent of the original settlement.[4]
Investments
Property Investments
Te Arikinui Hotel
On the 3 December 2016, it was reported that Waikato-Tainui and Tainui Group Holdings Limited had come to an agreement with Auckland Airport to develop their second hotel near Auckland Airport. The new 5-star hotel will be named Te Arikinui after the mother of King Tuheitia.[5]
The Hotel, like the Novotel Tainui, will also be under Accor management, and will be under the Pullman Hotels-brand. As a part of the deal with Accor and the Airport, the Airport has increased its stake in the Novotel Tainui to 50%, with Tainui Group Holdings retains 50%.[6]
The Base Shopping Centre
The Base is a shopping centre located in Hamilton, New Zealand. The 30 hectare site, was confiscated right before World War II to be used as the Te Rapa Air Force Base was returned to the tribe in 1995. The Base was originally a joint venture with Warehouse Group between 2002 and 2007, before Tainui Group Holdings acquired The Warehouse Group's stake for $37.4 million. In 2009, Tainui Group Holdings is said to of invested $100 million developing The Base and had committed a further $100 million to further developing the shopping centre.[7]
In August 2015, Tainui Group Holdings, announced their intentions to sell up to 50% of the The Base shopping centre in Hamilton. They intend on using the funds to repay debt and for other investments.[7]
Tainui Group Holdings acting chief executive Chris Joblin said, "Following a three-month review, we believe that now is the right time to seek an experienced joint venture partner and operator to help us take The Base to the next level of excellence."[7]
In April 2016, New Zealand-listed property investor, Kiwi Property Group has agreed to buy 50% of The Base shopping centre from Tainui Group Holdings for $192.5 million and has offered $197.5 million for the balance.[8] On May 16, 2016 it was confirmed that Kiwi Property will acquire a 50% shareholding of The Base after Waikato-Tainui turned down the property investor's proposal to buy all of the shopping centre.[9]
Hotel Novotel Auckland Airport
On the 23rd of July 2009, a joint venture was signed today between Accor Hospitality, Tainui Group Holdings and Auckland International Airport to develop, operate, and manage a 260-room Novotel-branded hotel located at Auckland Airport. The cost was estimated to be roughly $65m including hotel construction, which is estimated to be about $45m. The hotel is expected, and was, to be completed in time for Rugby World Cup 2011. Novotel Auckland Airport was designed by Warren & Mahoney Architects, with the final design to infuse subtle references to New Zealand culture and heritage.[10]
Tainui Group Holdings CEO Said, "The Airport hotel will also generate considerable long-term economic growth and provide many new jobs for the Auckland region. The hotel will assist Auckland and New Zealand tourism and trade. It will cater for the inevitable economic recovery and growth when it returns."[10]
Ngai Tahu Joint Ventures
Initial Ventures
On the 26th of November 2007, the Herald announced that Ngāi Tahu and Tainui had met at Arowhenua Marae in South Canterbury and signed deals to establish formal intentions on the 23rd of November 2007 to work together, using a memorandum of understanding to form a basis to establish a working environment between the two iwi.
New Zealand Labor Party MP Shane Jones said, "You need to remember that Maori trusts and iwi organisations, they're very rarely sellers. They like to hold assets for a long, long time, and given the amount of foreign ownership in the economy, it's good that tribes work together and help to buy back some of those assets that looked lost."[11]
As the first joint-activity of the two tribes, in February 2009, Ngāi Tahu acquired 6% of Ryman Healthcare and subsequently on-sold 4.5% to Tainui; raisings its shareholding in Ryman to 8%, and establishing Tainui as a shareholder.[12]
Waikato Milking Systems
In June 2014, Tainui and Ngāi Tahu as well as Pioneer Capital acquired Waikato Milking Systems NZ Limited under a limited partnership, Waikato Milking Systems LP. The partners have stated that they intend to grow the company, either naturally, or by mergers and acquisitions. The company is New Zealand's biggest manufacturer and designer of milking systems, and runs all aspects of its systems, from the stainless steel to the software that helps run the cowsheds. The company, at the time of purchase, had an annual turnover quickly approaching $100 million.[13] All three companies have an equal 33.30% share is the limited partnership.[14]
GoBus
In August 2014, Ngāi Tahu and Tainui purchased GoBus from Australian private equity-firm Next Capial. The total purchase price was $170 million. The purchase is expected to gain approval from New Zealand's Overseas Investment Office due to the company selling GoBus being Australian-owned.[15]
In March 2016 GoBus won the rights to operate four South Auckland public bus routes, taking the rights from established Infratil. The contracts commenced in October 2016, and GoBus is supplying 89 buses, most of which are brand new low-emission buses built locally in New Zealand. The company said it would invest $40 million in new vehicles and equipment as well as establishing two new depot facilities, providing over 250 new driver and management jobs. GoBus also provides school bus services, special needs transport as well as some tour and charter services. GoBus has about 360 urban service buses in its fleet of over 1600 vehicles, and employ
Other Investments
Auckland Warriors
In October 1998, Tainui invested in the Auckland Warriors for $3.5 million[16][17] along with a consortium that included Graham Lowe and Malcolm Boyle, under the company Rugby League People Ltd.[18] Waikato-Tainui subsidiary MDC Investment Holdings Ltd owned 66.6% of the RLP in 2000.[18]
After several months of poor performance, the Warriors were offloaded in September 2000 to New Zealand Rugby League for a price reported to be around NZ$400,000.[19] It was reported that by the time MDC had sold their stake in the Warriors, they had already lost NZ$6.3 million.[20]
References
- ^ a b c d "TAINUI GROUP HOLDINGS LIMITED (899947) Registered". companiesoffice.govt.nz. Companies Office. Retrieved 8 March 2017.
- ^ a b c d e f "Annual Report 2015". Retrieved 9 March 2017.
- ^ "Waikato-Tainui sign Deed of Settlement with the Crown". nz history.govt.nz. NZ History. 22 May 1995. Retrieved 12 July 2017.
- ^ McBeth, Paul (13 September 2012). "Treaty settlement top-ups likely for Tainui, Ngai Tahu next year". National Business Review. Retrieved 9 March 2017.
- ^ Malone, Audrey (3 December 2016). "Waikato-Tainui to build five-star hotel at Auckland Airport". Stuff.co.nz. Retrieved 9 March 2017.
- ^ Jackson, Willie (20 February 2017). "Tainui to build second airport hotel". Waatea News. Retrieved 9 March 2017.
- ^ a b c Underhill, Johnathan (3 August 2015). "Tainui to sell up to 50% of its Hamilton shopping centre, The Base". National Business Review. Retrieved 9 March 2017.
- ^ Underhill, Johnathan (8 April 2016). "Kiwi Property to buy 50% of Tainui's The Base mall". National Business Review. Retrieved 9 March 2017.
- ^ Underhill, Johnathan (16 May 2016). "Kiwi Property gets only half of The Base from Tainui as iwi turns down offer for rest". National Business Review. Retrieved 9 March 2017.
- ^ a b "Four-star hotel deal for Auckland Airport, Tainui". New Zealand Herald. 23 July 2009. Retrieved 9 March 2017.
- ^ Tahana, Yvonne (26 November 2007). "Two tribes unite to form a Maori economic powerhouse". New Zealand Herald. Retrieved 22 November 2016.
- ^ Parker, Tasmyn (9 February 2008). "Tribes buy joint stake in Ryman". New Zealand Herald. Retrieved 22 November 2016.
- ^ Gray, Jamie (13 June 2014). "Dairy company looks to grow". New Zealand Herald. Retrieved 30 November 2016.
- ^ Scott, Todd (27 February 2014). "Ngai Tahu, Tainui, Pioneer Capital buy Waikato Milking Systems for undisclosed sum". National Business Review. Retrieved 7 December 2016.
- ^ Meier, Cecile (12 August 2014). "Ngai Tahu, Tainui team to buy bus firm". Stuff.co.nz. Retrieved 30 November 2016.
- ^ Gaynor, Brian (30 June 2000). "End result is all that really matters". New Zealand Herald. Retrieved 12 March 2017.
- ^ Kerr, Florence (23 February 2009). "Three new faces on Tainui board". Waikato Times. Retrieved 9 March 2017.
- ^ a b Gardener, James (30 June 2000). "Warriors sale rumoured amid Tainui upheavals". New Zealand Herald. Retrieved 9 March 2017.
- ^ Yandall, Paul (16 September 2000). "Rugby League: Warriors selloff in jeopardy as Tainui fights on". New Zealand Herald Sports. Retrieved 9 March 2017.
- ^ Williams, David (29 June 2012). "Corporate healer says iwi need to pool resources". National Business Review. Retrieved 9 March 2017.
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