Buddle Findlay is pleased to have advised the finance parties in respect of syndicated facilities made available to a long-term joint venture between Tainui Group Holdings (TGH) and global investment firm Brookfield Asset Management (Brookfield). The finance arrangements for the joint venture relate to the initial acquisition of four existing large industrial/logistics buildings on long-term ground leases at Ruakura Superhub in Hamilton. The buildings are tenanted by Kmart, Big Chill, Refrigafreighters and PBT Express.
The Ruakura Superhub is a large (610ha) multi-use intermodal commercial and logistics precinct (including a 30ha inland port) being developed on Waikato-Tainui whenua (land). TGH, the commercial entity of Waikato-Tainui, has been developing the Superhub precinct since 2006. Toronto-based Brookfield, with more than US$1 trillion of assets under management, brings global real estate expertise to the joint venture.
The TGH-Brookfield joint venture intends to develop out a further 70ha of logistics development assets at Ruakura Superhub, over seven years, with a forecast completion value of more than NZ$1 billion. Under the terms of the joint venture Waikato-Tainui will at all times retain ownership of all whenua across the full 610ha Ruakura Superhub precinct. The joint venture provides significant opportunities for long-term economic growth for not only the Waikato-Tainui region, but for its people and future generations.
TGH Chair Hinerangi Raumati Tu’ua said “our decision to partner with Brookfield is built on our experience over many years of partnering to bring in external capital, skills and networks to help us accelerate growth. Partnership is a proven strategy for TGH that has achieved success across a broad range of investments over the long term.”
The Buddle Findlay team included partners Paul Farrugia and Paula Ormandy and senior associate Matthew Triggs.
