Canada’s Brookfield Asset Management and New Zealand’s Tainui Group have formed a joint venture to invest in logistics projects in Hamilton, New Zealand’s fourth largest city, located in the North Island.
The joint venture will purchase four existing logistics and industrial buildings at the Ruakura superhub, a supply chain corridor that services 55% of New Zealand’s gross domestic product and 45% of its population, the companies say in a joint statement on April 14.
It will also develop 70 hectares of logistics assets in the superhub, with an estimated completion value of over NZ$1 billion (US$629 million).
Tainui, which is wholly-owned by Waikato-Tainui, one of the largest tribal groups in New Zealand, will provide investment, property management and development services to the joint venture.
“We’re encouraged by the New Zealand government’s approach to planning and infrastructure, which supports global investment in New Zealand,” says Ruban Kaneshamoorthy, co-head of Australia and New Zealand real estate at Brookfield.
Toronto-based Brookfield Asset Management has over $1 trillion of assets under management, including $1 billion allocated to New Zealand.
