2025 HIGHLIGHTS
$
0
m
DIVIDEND
Investment returns enable a dividend to the Bay of Plenty Regional Council in 2025.
4.4% increase from 2024
$
0
AVERAGE RATES
REDUCTION
Quayside impact on Bay of Plenty ratepayers 2024/25: Dividend reduces the average general rates paid by $397 per property [1]
$
0
K
VALUE PER RATEPAYER
Quayside manages a $2.7 billion fund on behalf of the Bay of Plenty Regional Council, with the community as the ultimate beneficiaries — equating to around $19,453 in value per ratepayer.
$
0
m
TOTAL DIVIDENDS
paid from Quayside to Council since inception. Excludes Perpetual Preference Shares ($200m)
$
0
b
ASSET VALUE
OF SHARES IN PORT AT 30 JUNE 2025
[1] Data source: Bay of Plenty Regional Council
$
0
b
Total Assets
Quayside Portfolio at 30 June 2025
Port of Tauranga
Gross Assets:
$2,509m
Investment Portfolio
Gross Assets:
$470m
Special Purpose Assets
Gross Assets:
$161m
GROWTH IN INVESTMENT
PORTFOLIO ASSETS
Quayside invests through a wide range of asset classes with multiple strategies including direct, active (via managers), and passive strategies.
0
%
Return on Investment on
global equities
0
%
Annual Return on NZ
Fixed Income Portfolio
0
%
Managed Private Equity
After fees, before internal cost allocation.
Investment Portfolio Net Asset annualised
After fees, taxes and internal cost allocation.
0
%
STAGE 1A SOLD
MINISTERIAL OPENING
FOR MOTORWAY
INTERCHANGE
0
PEOPLE
200 people on site during
peak construction period
COUNCIL DISTRIBUTIONS
Dividend to BOPRC
Average BOPRC general rates decrease per property incl GST – 2012 – 2025
Disclaimer Regarding Financial Figures
The financial figures presented in this Annual Report may differ from those disclosed in the Signed Consolidated Financial Statements. This variance arises due to the treatment of Quayside Holdings Limited’s investment in the Port of Tauranga. For the purposes of this report, Quayside has accounted for its interest in the Port of Tauranga as an investment, rather than consolidating the Port’s financial results.
[1] Data source: Bay of Plenty Regional Council
Senior Leadership Team: Sam Newbury, Christy Hoebers, Lyndon Settle, Michael Jefferies, Mel Manley, Davide Caloni.
SUMMARY OF GROUP PERFORMANCE
Quayside’s FY25 performance reflects a year of strategic evolution, underpinned by a continued commitment to growing a fund that provides intergenerational prosperity for years to come. Quayside continued to deliver strong financial results, enabling a resilient dividend to the Council while supporting regional growth.
This year saw Council enable a partial divestment of Quayside’s Port shareholding, a landmark decision that has the potential to unlock capital for diversification and increase value, whilst still ensuring Quayside retains a strategic influence in a nationally significant infrastructure asset. The decision reflects a shared vision for reducing concentration risk and building a more balanced, future-ready portfolio. The Port’s performance has been robust, with a share price rallying 42% on the back of strong earnings growth and strategic acquisitions.
The Investment Portfolio delivered strong returns, particularly in the fixed interest portfolio, returning 10.5% and the global listed equities portfolio returning 11.7% this financial year. Real estate asset Tauranga Crossing Limited delivered significant returns to the portfolio, 25.6% on the back of continued investment from Quayside.
The Rangiuru Business Park reached major milestones, including large infrastructure completion, land sales, and the issuing of the first Records of Title.
Culturally, the organisation embraces a relentless pursuit of high-performance, supported by a refreshed set of values that reflect authentic relationships, purposeful stewardship, and collective strength. These values are now being embedded in daily operations, shaping how Quayside works, leads, and engages.
Quayside’s climate approach also advanced, with the launch of its inaugural Transition Plan. This framework positions the Group to manage climate risks, decarbonise its portfolio, and contribute to a just and inclusive transition — aligning with its role as a responsible, intergenerational investor.
With a total fund of $2.7 billion—now valued at $19,453 per Bay of Plenty ratepayer—Quayside’s impact is both immediate and enduring. This is reflected in our balanced approach to managing capital and cashflow: investing in long-term capital growth to secure future prosperity, while also generating sustainable cashflows that support the region today. This dual focus reaffirms our purpose—to grow a diversified fund that delivers enduring returns, supports regional wellbeing, and honours the legacy of stewardship entrusted to us.
The Group remains committed to delivering for today while investing in tomorrow, ensuring the Bay of Plenty continues to thrive across generations.
Quayside Board: David Fear, Stuart Crosby, Keiran Horne, Mark Wynne, Fraser Whineray, Te Taru White, Fiona McTavish
QUAYSIDE GROUP SUMMARY
Quayside operates as a Council Controlled Trading Organisation (“CCTO”) under the ownership of the Bay of Plenty Regional Council (“Council”). It serves as the Council’s investment arm, annually returning dividends that support the Council’s long-term and annual plans.
Quayside holds a majority shareholding of 54.14% in the Port of Tauranga (“the Port”), valued at $2.5 billion as of 30 June 2025. The Port and Quayside each adhere to a robust governance framework that ensures operational independence. Quayside owns the shareholding distinct from the Council to ensure separation between the Council’s role as regulator and the Port’s operational activities.
To achieve its purpose, Quayside manages its assets through three distinct portfolios, each with a defined role and measurement approach:
Port of Tauranga
Portfolio:
Comprising Quayside’s shareholding in the Port, including Perpetual Preference Shares (“PPS”) obligations. This portfolio is measured by Total Shareholder Return.
Investment
Portfolio:
A diversified, intergenerational endowment fund made up of private equity, real estate, listed securities, and liquid financial instruments. Performance is assessed using a rolling 5-year return.
Special Purpose Assets
Portfolio:
Includes regional benefit assets that are not expected to meet Quayside’s standard Investment Portfolio hurdle rate. This portfolio is currently made up of the Rangiuru Business Park and a small land holding in Tauriko.
OUR MANDATE
Quayside manages an investment fund dedicated to enhancing the prosperity of the Bay of Plenty region across generations. Initially mandated to be the custodian of Council’s majority shareholding in the Port, Quayside has since built a significant and diversified Investment Portfolio that aims to deliver a stable commercial return for Council and the Bay of Plenty community.
Aligned with its mandate, Quayside works closely with the Council to establish annual performance targets outlined in the Statement of Intent. Achievement of these performance targets supports the financial objectives of the Council’s Long-Term Plan. Quayside’s investment returns from both the Port and the investment portfolio contribute directly to the region’s development, long-term growth and prosperity.
A commitment to accountability underscores Quayside’s commercially focused approach, aimed at cultivating a diversified fund that generates sustainable, long-term returns.
Financial transparency is a key priority for Quayside, which reports quarterly to Council and biannually to its Perpetual Preference Shareholders via the NZX. By fostering intergenerational prosperity through investments, Quayside remains steadfast in its mission to build a thriving future for the Bay of Plenty region.
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