Ngāti Toa takes majority stake in retirement village

By Te Ao - Māori News

Ngāti Toa Rangatira has made a major investment, taking a majority stake in the Whitby Lakes Retirement Village, by taking two-thirds of shareholding in the company that owns Aegis Retirement Living while the remaining third is held by the original developer of the village, Sandy Foster.

Foster will stay on as chief executive of Aegis Retirement Living.

Te Rūnanga o Toa Rangatira general manager innovations and investment Leon Grandy says the organisation’s strategic objectives directly align with the investment in Aegis Retirement.

“One of Te Rūnanga o Toa Rangatira's strategic objectives is to protect and build the economic base of Ngāti Toa to provide opportunities for whānau wellbeing and growth,” Grandy says.

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

Te Rūnanga o Toa Rangatira chairman and kaumātua Dr Taku Parai says the investment gives the iwi a look into 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,” Taku says.

“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.”