Announcements     |   17 December 2020

Fletcher Building announces sale of Ihumātao land to Crown

Auckland, 17 December 2020

Fletcher Building has today reached an agreement to sell the land it owns at Ōruarangi Road, commonly known as Ihumātao, to the Crown for $29.9 million. At the agreed sale price, the deal is broadly breakeven for Fletcher Building.

Fletcher Building CEO Ross Taylor said, “The acquisition by the Crown is a positive solution that has been reached after negotiations and discussions with the Government, Kiingitanga, mana whenua, and Auckland Council.

“We thank the Government for the pragmatic way they have approached this process. It hasn’t been easy, and we acknowledge their role.

“We also acknowledge the iwi who we engaged with throughout the consenting and proposed master planning of the land. Any plans for the land are now a matter for the Crown and Kiingitanga.

“Finally, we thank our people and the many Police officers, whanau representatives, security staff and neighbours of Ihumātao for their patience and understanding,” said Mr Taylor.

Fletcher Building’s involvement in Ihumātao now comes to an end.

For more information, please contact:

MEDIA INVESTORS AND ANALYSTS
Christian May
General Manager - Corporate Affairs
+64 21 305 398
christian.may@fbu.com
Aleida White
Head of Investor Relations
+64 21 155 8837
aleida.white@fbu.com