Iwi takes major stake in retirement village     

Rātu, 2 Poutū-te-rangi 2021 (Tuesday 2 March)

In a major investment move, Porirua-based iwi Ngāti Toa Rangatira (Ngāti Toa) has taken a majority stake in the Whitby Lakes Retirement Village.

The multi-million dollar transaction sees Ngāti Toa take a two-thirds shareholding in Aegis Retirement Living Limited, the newly-created entity owning the retirement village in the Porirua suburb of Whitby.

The remaining one-third will be held by the original developer of the village, Sandy Foster.

Foster was one of a group of shareholders who bought the original village site adjacent to the Whitby shops in 2009.  Over the last decade, 61 stand-alone villas and 71 apartments have been built at the village, which today is home to 180 residents.  The fully occupied village is regarded as one of the premier retirement villages in Wellington’s northern suburbs.

Foster will continue as Chief Executive of Aegis Retirement Living Limited.

Leon Grandy, General Manager of Innovations and Investment for Te Rūnanga o Toa Rangatira says the organisation’s strategic objectives directly align with the investment in Aegis Retirement.

“One of Te Rūnanga o Toa Rangatira strategic objectives is to protect and grow the economic base of Ngāti Toa to provide ongoing opportunities for whānau wellbeing and growth,” Leon said. 

“Ngāti Toa are mana-whenua in Porirua and as such, the land is culturally significant to the iwi. Ngāti Toa is interested in utilising the land it already has, and acquiring more within their rohe, to provide income and benefits to their people.” 

Te Rūnanga o Toa Rangatira Board Chairman and kaumātua Dr Taku Parai says the investment enables the iwi to look to the future.

“We are keen to learn and develop a greater understanding of the retirement living sector and Sandy’s knowledge and experience in the housing sector (Foster is the Chair of the New Zealand Housing Foundation) means that we have a partner with whom we can do a lot.”

“We are excited by the potential of the investment and partnership.  We would also like to acknowledge the residents and management of Whitby Lakes Retirement Village for their warm welcome.”

Foster is equally enthusiastic about the partnership.

“The investment by Ngāti Toa will enable us to pursue the construction of a care facility at Whitby Lakes, so that our residents don’t need to move off-site if they need care.”

“It will also enable us to identify other sites for retirement villages in the area, or partner with other investors with similar objectives to us.”

For more information, contact the Communications and Events team at communications@ngatitoa.iwi.nz

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