Tainui, Brookfield partner in $1bn logistics JV

14th April 2025 By Paul Yandall | paul@propertyticker.co.nz | @propertyticker

Tainui Group Holdings (TGH) and asset manager Brookfield have entered into a long-term joint venture for a $1bn investment in the iwi’s industrial and logistics hub in Hamilton.

The commercial arm of Waikato-Tainui and the Canada-based alternative investment management firm, which has around US$1tr of assets under management, will partner on the development of the 610 hectare Ruakura Superhub.

The JV will purchase four industrial buildings on long-term ground leases at Ruakura Superhub, currently occupied by PBT Express, Refrigafreighters, Big Chill, and Kmart. It will then develop a further 70 hectares of logistics assets at the hub’s intermodal logistics precinct, with the deal estimated to be worth more than $1bn.

The JV will then consider further investment opportunities that present strong risk-adjusted returns.  

Brookfield co-head of Australia and New Zealand real estate Ruban Kaneshamoorthy said he was pleased to partner with TGH to develop Ruakura Superhub, “bringing global capital at scale and unparalleled expertise as one of the world’s most active real estate investors”.

“A core pillar of our investments is to create meaningful benefit to the communities in which we operate. It is energising to invest alongside an organisation whose values are aligned with our own and where we share a drive to deliver long-term economic and social benefits such as job creation.

“Brookfield is a long-term investor in Aotearoa and we look forward to committing further capital to the country while working alongside local partners such as TGH.”

Kaneshamoorthy added that Brookfield was open to business with other iwi.

Chair of Te Arataura, the executive committee of Waikato-Tainui, Tukoroirangi Morgan said the JV reflected the strength of the Māori economy and showed the iwi was open for global business.

“As an iwi our horizon is intergenerational; we are about building a legacy for future generations,” Morgan said.

“Brookfield, which we selected for its aligned goals, values and fit, understands that. Together we will create real opportunities for economic growth that will reverberate for our people, Brookfield’s investors, and our city, region and country.”

“Part of what we have enjoyed through this process, is really that cultural alignment in terms of it hasn’t just been about economic objectives, it’s really been [about] the ability to make an impact from a social perspective, whether that be jobs creation, having the ability to reinvest in the community, or giving TGH the opportunity to reinvest back in the community.

“Off the back of a successful mold with this, we would actively encourage working with further iwi.”

Morgan, the executive committee of Waikato-Tainui, joined representatives from Brookfield and Prime Minister Christopher Luxon, Housing Minister Chris Bishop and Māori Development Minister Tama Potaka to launch the JV.

“We’re about a month away from 30 years since the historic signing of the Raupatu settlement, the first Treaty settlement to be ushered in by the then National government,” Morgan said.

“As I stand here today, in those 30 years, this is the single largest investment that this tribe has undertaken, and more especially, we are proud, we’re excited by the fact that we are working now with a global giant, Brookfield’s.”

TGH said Ruakura Superhub sits in New Zealand’s major supply chain corridor, servicing around 45% of New Zealand’s population, 42% of the nation’s freight, and 55% of the country’s GDP. The site hosts a 30 hectare inland port connected via rail to New Zealand’s two largest commercial ports – Auckland Port and Port of Tauranga – and with direct access to State Highway 1.

Under the new deal, all of the Ruakura Superhub’s land will remain in Waikato-Tainui ownership.