Brookfield co-head of Australia and New Zealand real estate Ruban Kaneshamoorthy, Te Arataura chairman Tukoroirangi Morgan and Prime Minister Christopher Luxon at the Ruakura Superhub. Photo / Danielle Zollickhofer
Brookfield co-head of Australia and New Zealand real estate Ruban Kaneshamoorthy, Te Arataura chairman Tukoroirangi Morgan and Prime Minister Christopher Luxon at the Ruakura Superhub. Photo / Danielle Zollickhofer
Hamilton’s Ruakura Superhub is set to receive a major international investment.
Tainui Group Holdings (TGH) and global alternative asset manager Brookfield Asset Management announced today they had formed a long-term, joint venture that will, over seven years, invest $1 billion into the Superhub.
The joint venture will initially purchase four existing industrial buildings on long-term ground leases, with those buildings currently tenanted by Kmart, Big Chill, Refrigafreighters and PBT Express.
Additionally, the joint venture will develop a further 70ha of the hub.
The venture said there had already been significant interest from several logistics companies to move to the Superhub, with announcements expected later this year.
Brookfield co-head of Australia and New Zealand real estate Ruban Kaneshamoorthy said the company was “very selective” with whom it partners but was looking forward to the joint venture to “further activate” the major logistics and industrial precinct within the Superhub.
“It is a special day for us. We are excited to be partnering with TGH as we look to make this very strategic investment ... to develop a $1 billion ... logistics precinct.
“We see Ruakura as a hub where we can create a great logistics product and we see the demand.”
Kaneshamoorthy said Brookfield had been drawn to investing in the Superhub as it was a special opportunity.
“It’s a very unique piece of infrastructure, but then the ability to also work with iwi ... and TGH in this particular instance, in a quite unique way was very appealing.
Prime Minister Christopher Luxon and Hamilton West MP Tama Potaka at the Kmart distribution centre at the Ruakura Superhub in Hamilton. Photo / Danielle Zollickhofer
“I think we’ve got very complementary skillsets in terms of a global real estate expertise with what is quite large and vast pools of capital to a very local and focused team that is able to unlock and has proven that they can bring this on.”
Tukoroirangi Morgan, the chairman of Te Arataura, the executive committee of Waikato Tainui, said the joint venture was “transformational”.
“We’re about a month away from 30 years since the historic signing of the raupatu settlement ... In those 30 years, this is the single largest investment that this tribe has undertaken.
“It’s pretty difficult to find the appropriate words ... to explain the euphoria, the sense of achievement, the scale of the opportunity, that has come as a result of that partnership,” Morgan said.
“We are proud, we are excited by the fact that we are working now with a global giant.
“This is, without a doubt, the thing that moves the dial, the thing that is transformational, not only for our tribe, but actually offers the opportunity for other tribes across this country to believe, actually doing business with a global giant is possible.”
An aerial view of the 120ha stage one of the Ruakura Superhub. Photo / Tainui Group Holdings
Morgan said the development was “a legacy for future generations” and a reflection of “the strength of the Maori economy”.
The transaction is expected to close in the second quarter of 2025.
However, Brookfield also hinted at further projects in New Zealand.
“We have been quite impressed in terms of what we’ve seen from New Zealand,” Kaneshamoorthy said.
“Hopefully this will be the first of many investments that we make in New Zealand.”
What is the Ruakura Superhub?
The Ruakura Superhub is a 610ha development in Hamilton, featuring logistics, industrial, retail and residential development areas, as well as a 30ha inland port.
It has direct access to the Waikato Expressway and connects the three major economic nodes of Auckland, Hamilton, and Tauranga, also known as the Golden Triangle.
