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HBRIC Leads Investment In Foodeast
Hawke’s Bay Regional Investment Company Limited (HBRIC) is the lead investor in the newly formed Hawke’s Bay food innovation hub, Foodeast.
HBRIC has been involved with the project for over a year as part of its wider programme to identify and invest in commercial ventures, which also develop the regional economy.
HBRIC Chair Dan Druzianic said ‘the food sector is the engine of our local economy and this private-public partnership will deliver positive outcomes for the region. The new facility will result in a commercial asset, which will be directly involved in supporting and stimulating the economy. It fits well with our goals and will support our existing investment in Napier Port’.
'We are pleased to partner with Hastings District Council and Progressive Meats to deliver this project and congratulate them both for their leadership of the project to date’.
HBRIC Director Craig Foss will represent HBRIC on the board of Foodeast during its establishment phase.
Hawke’s Bay Regional Council Chair Rick Barker said ‘this project is an example of how to deliver positive economic and commercial outcomes when the Crown, local government and commercial sector combine. We look forward to continuing to explore similar initiatives within the region through our investment company'.
It is estimated Foodeast will add $100 million to the region’s GDP over 15 years and bring 500 new full-time jobs to Hawke’s Bay.
Notes for the reader:
- Hawke’s Bay Regional Investment Company Ltd is a council-controlled organisation set up to manage some of the Regional Council’s larger infrastructure investments within the region
- Total construction and establishment cost is estimated at $18m
- HBRIC’s $4m investment will result in a 67% stake in Foodeast, which has been established as a Limited Partnership with partners Hastings District Council and Progressive Meats (16% each)
- The project is supported by a $12m grant from Central Government’s Kānoa - Regional Economic Development and Investment Unit, which will underpin most of the construction costs
- Construction is scheduled to commence in September 2021 and be completed by the end of 2022
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