Tainui Group Holdings plans to generate job opportunities for iwi members with money it gains from the sale of 50 percent of The Base shopping centre in Hamilton.
The company, which manages the commercial assets of the Waikato-Tainui people, is seeking a joint venture partner for The Base, to help bring in global retail brands such as H&M, Zara and Top Shop.
Acting chief executive Chris Joblins said the sale would also release a significant amount of capital for Tainui Group Holdings which it will use to further tribal objectives.
"Generating higher cash returns for the iwi, creating more employment opportunities for our iwi members, and also growing our tribal estate - the land that is in ownership of the tribe."
Chris Joblins said the land underlying The Base will not be sold as it is not owned by Tainui Group Holdings.
Instead, the land forms part of Waikato-Tainui's raupatu settlement and will remain protected in its ownership.