Michael Reid’s United Pacific Corporation continues to maintain its impressive investment portfolio, which includes some of Auckland and Waikato’s most important and desirable business sites.
UPC is the major shareholder in the 100ha Northgate Business Park subdivision outside Hamilton, which is exactly halfway between Auckland and Tauranga. The group owns a 1.6ha industrial site on the subdivision worth $10.6m. Some 33ha of the subdivision was sold to Ports of Auckland, which opened its Waikato Freight Hub in April after over two years of development. It is set to bring 300 jobs to the area.
UPC is also behind the massive, $46m Mitre 10 Mega store in Mount Wellington. Other notable properties include a 13ha industrial site in Penrose on a long-term lease to James Hardie Industries and another 13ha portfolio of 32 leasehold properties in the same area.
UPC was established in 1983 as a financial intermediary, before acquiring Marac Finance in 1993. Along with several other companies, Marac morphed into Heartland Bank in 2011.
Reid lives in the Auckland suburb of St Heliers with his wife Pauline. Their house was recently valued at $23 million.
2018: $210 million