Delivering excellent result for iwi

12 December 2016

News Release

Ngāti Whātua Ōrākei Whai Rawa Limited delivers excellent result for iwi

Ngāti Whātua Ōrākei Whai Rawa Limited, the commercial subsidiary of the Ngāti Whātua Ōrākei Trust, has today released its Annual Report for the year ended 30 June 2016 showing:

• A total investment portfolio value of $888.6 million (a 22% increase on FY15).

• Total revenue of $49.3 million.

• Net profit before taxation and revaluation of investment property of $13.2 million (an increase of $10.5 million on FY15).

Chairman Michael Stiassny said that the strong financial performance reflects Whai Rawa’s continued focus on positioning assets to produce steady, sustainable returns for the long term.

“By securing a solid platform for growth, Whai Rawa is becoming a significant property player. We are delighted that this approach is contributing to the ongoing success of the Ngāti Whātua Ōrākei hapū,” he said.

While Whai Rawa’s property investment portfolio has benefited from the continued strong growth in land values across the Tāmaki Isthmus, its strategic acquisition of ex-Defence Force land on the Devonport Peninsula in 2013, the allocation of portfolio across various property types, and its participation in the proposed Auckland Unitary Plan process has enabled Whai Rawa to make the most of these market conditions in 2016.

During the year, Whai Rawa completed its 30-dwelling Kāinga Tuatahi development in Kupe Street, Orākei which received an Award of Merit at the Property Council of New Zealand national awards in June. It has also completed a significant programme of internal upgrades for residential properties owned by the hapū in Orākei.

Chief Executive Rob Hutchison said that the income derived from Whai Rawa’s astute commercial activity continues to make major contributions to social outcomes.

“Improving the living conditions for members within Orākei had been a priority of the Ngāti Whātua Ōrākei group over the past three years. This has been a watershed year in this regard. With such a significant work programme completed in 2016, we believe this goal has now largely been achieved,” he said.

During the year, Whai Rawa has also secured consent for its framework plan for its residential development of ex-NZ Defence Force land in Belmont (known as the Hillary Block), and committed to a joint venture with Fletcher Residential Limited to develop 197 houses at Moire Road, Massey through the Crown Land Housing Programme.

“The future for Whai Rawa, and Ngāti Whātua Ōrākei, looks bright and the company will continue to focus on building the economic and social fortunes of the hapū,” Mr Hutchison said.

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Notes for Editors:

Since 2013, Ngāti Whātua Ōrākei Whai Rawa Limited has:

• Made cash distributions to the Ngāti Whātua Ōrākei Trust and Whai Maia of $15.8 million;

• Increased total assets by 64% from $554 million to $907 million;

• Increased equity by 97% from $315 million to $622 million; and

• Contributed well in excess of $20 million to housing initiatives.

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