It has invested an undisclosed amount in the Whitby Lakes Retirement Village.
Porirua-based iwi Ngāti Toa has taken a majority stake in the local Whitby Lakes Retirement Village for an undisclosed amount, its first direct investment into the retirement sector.
Under the deal, Ngāti Toa takes a 76.92% stake in Aegis Retirement Living Ltd, a newly created entity owning the retirement village in the Porirua suburb of Whitby. The remainder is held by the village’s original developer Sandy Foster.
Foster was one of a group of shareholders who bought the village site in 2009 and, during the past decade, 61 stand-alone villas and 71 apartments have been built, housing 180 residents.