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Strong result for Ngāti Whātua Ōrākei delivers for whānau

4 November 2015

Strong result for Ngāti Whātua Ōrākei delivers for whānau

Ngāti Whātua Ōrākei Trust has today announced a strong result for the 2015 financial year, with the value of the Group’s assets growing by 22% to $767 million.

Chairman, Phillip Davis, said the financial year was filled with achievements but also significant challenges.

“We are really pleased with this result and happy in the knowledge that our investment arm, Whai Rawa, is continuing to grow our financial base, while Whai Maia delivers support to our whānau.

“The Trust has focused on three key areas: housing for our whānau and helping to address Auckland’s property issues; protecting our settlements; and a review of the Trust Deed.

“During the year, we upgraded 41 of our homes to a new housing standard, which included making them warmer and a more healthy place for whānau. We invested around thirty to fifty thousand dollars on each of those whare, and the feedback from whānau has been that this mahi has already made a big difference,” said Mr Davis.

The Trust has acknowledged the hard work and commitment of the Whai Rawa and Whai Maia Boards, management and staff. It has also thanked its members and whānau for their support during some challenging times.

“We have been at the centre of some big political matters this year, but as mana whenua of central Tāmaki we know that we have a responsibility to not only our own whānau but all the people of Auckland.

“We take that responsibility seriously and that means we need to protect our settlements, while also being focused on being a partner in the growth of the city,” said Mr Davis.

The buoyant Auckland property market, and strategic investments made by the Group’s commercial company, Whai Rawa, have led to the increase in the value of the hapū assets.

Whai Rawa Chairman, Michael Stiassny, said the Company has already exceeded its portfolio value target by a large margin.

“This is a great result for Whai Rawa. It continues our work to build a solid base for Ngāti Whātua Ōrākei, to support the development of the hapū and whānau now and into the future.

“The strength of the Auckland property market was a key factor in our portfolio growth. We balanced this incremental value growth by making strategic investments, such as the acquisition of AECOM House,” said Mr Stiassny.

The purchase of AECOM House in Auckland’s central business district in November contributed approximately $3.7 million in operating revenue. Whai Rawa considers Quay Park to be “taonga kamehameha” (a precious jewel), and is developing a detailed plan to reinvigorate the precinct.

“Whai Rawa will continue to look for opportunities to unlock the potential of our current assets, while also increasing the proportion of higher yielding assets, either through acquisitions or development,” said Mr Stiassny.

Housing was a key focus for Ngāti Whātua Ōrākei during FY15, and significant progress has been made on the Kāinga Tuatahi development in Orākei.

“This is an exciting project for the hapū. Thirty whānau will be moving into their new homes in the first half of 2016. Whai Rawa is building these homes on behalf of the whānau and is also providing loans to assist with their purchase.

“Ngāti Whātua Ōrākei is committed to helping address Auckland’s housing issues, and we are undertaking masterplanning on lands across our portfolio. We have some innovative plans, which we look forward to progressing over the coming year,” said Mr Stiassny.

The 2015 Ngāti Whātua Ōrākei Group Annual Reports can be found online at www.ngatiwhatuaorakei.com

Group highlights from FY15 include:
Growth in value of 22% to $767 million
$922,000 spent on grants and social programmes for hapū members
30 new homes in Orākei scheduled for completion in 2016, as part of Kāinga Tuatahi
41 homes upgraded to Ngāti Whātua Ōrākei housing standard
ENDS

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