December 3, 2013
Contributed by ksinfo
This decision is part of the Trust's broad, ongoing stewardship strategy to proactively optimize the growth and perpetuity of the endowment that supports Kamehameha Schools' educational mission.
"Transitioning these two retail centers from fully-owned Kamehameha Schools' properties to ground leases where Kamehameha Schools retains our lands but sells its improvements greatly strengthens our perpetual endowment," said KS Vice President for Endowment Elizabeth Hokada. "As with our Royal Hawaiian Center offering, this action is aligned with our 2000-2015 Strategic Plan, which calls for active stewardship of our lands – whether for commercial, agricultural or conservation purposes - while prudently optimizing the value and use of Kamehameha's financial and nonfinancial resources in support of our educational mission."
Over the past 10 years, Kamehameha Schools has spent more than $2.6 billion on education in Hawai'i. Educational programs, collaborations and other activities supported by Kamehameha Schools serve more than 47,000 learners and families each year. In addition to operating private schools, Kamehameha serves as the largest private funder of public education in Hawai'i.
"The successful sale of these improvements would further reduce risk to our endowment through greater diversification," said Paul Quintiliani, KS Senior Director of Commercial Real Estate. "And the sale will have no impact on the leases we have with our current tenants. The thriving business at Windward Mall and Hawai'i Kai Towne Center should continue as usual under a Kamehameha Schools ground lease, similar to the successful ground leases we have with numerous other businesses in both of those communities."
HAWAII KAI TOWNE CENTER
Hawaii Kai Towne Center is a 30-acre master-planned complex comprising a retail shopping and dining center, two suburban office buildings, a Costco warehouse and a self-storage facility. The Center hosts regular community events, a weekly farmer's market and entertainment on the Center's waterfront stage.
WINDWARD MALL
Windward Mall is a regional shopping mall situated on 33 acres in the center of Kāne'ohe. It features more than 110 stores, including a mix of nationally-recognized brands, Hawaii-based companies and one-of-a-kind merchants. Windward Mall is also home to multi-plex movie theaters, multiple dining options and O'ahu's first indoor children's soft play area.
About Kamehameha Schools
Kamehameha Schools is a private, educational, charitable trust founded and endowed by the legacy of Princess Bernice Pauahi Bishop. Kamehameha Schools operates a statewide educational system enrolling over 6,900 students of Hawaiian ancestry at K-12 campuses on O'ahu, Maui and Hawai'i and 30 preschool sites statewide. Over 40,400 additional Hawaiian learners and caregivers are served each year through a range of other Kamehameha Schools' outreach programs into community schools, community collaborations and financial aid opportunities. Income generated from its Hawai'i real estate and portfolio of diverse financial investments fund 96% of the Schools' educational mission. For more information about Kamehameha's commercial real estate activities, go to www.ksbe.edu/cred
Media contact: Kekoa Paulsen, 523-6369
Kamehameha Schools’ policy is to give preference to applicants of Hawaiian ancestry to the extent permitted by law.
