Corrigan secures stake in Minto

Chris Corrigan secures 50 percent purchase of Minto Properties by Qube Logistics

By | July 2, 2010

Former stevedoring industrial warrior and Patrick boss Chris Corrigan’s three-year resurgence as a force in Australian transport and logistics has taken another strategic step with the 50 percent purchase of Minto Properties by Qube Logistics.

Proving it is possible to abandon bruising bygones, the $20m cash deal was done with Toll Holdings, which bought Patrick four years ago after what became a very personal takeover battle between Toll Managing Director Paul Little and Corrigan.

Formerly Kaplan Funds Management, Qube will share ownership of Minto Properties, which has two parcels totalling 29ha in southeast Sydney, with Kawasaki (Australia), a subsidiary of Japanese container shipping firm K Line.

The properties are leased to PrixCar Services, in which Qube has a 19.4 percent indirect stake, until 2014.

PrixCar provides pre-delivery inspection, processing and storage of imported vehicles on the land at Minto.

Its position there after 2014 is unclear and ATN was awaiting return calls from Qube and Toll at deadline today.

Qube has undertaken a preliminary feasibility study indicating potential to develop the site into an inland terminal, given its location on the dedicated freight line now being built.

It expects Minto to complement the inland port that Qube and its partners, QR and Stockland, are building at Moorebank.

"The investment in Minto Properties is an important part of Qube’s strategy to develop a network of inland rail terminals to take advantage of the expected significant modal shift in rail movements," Corrigan, Chairman of Qube’s Investment Advisory Committee, says.

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