“TOM Millner, part of the billionaire Washington H. Soul Pattinson clan, was in Brisbane on Monday talking to investors about his latest property-focused venture.
Millner and business partner Will Culbert are seeking to raise $300 million for a new listed company called Urb Investments that will focus on urban renewal in major capital cities.
Soul Pattinson, which began life as a chemist shop under Millner’s great, great grandfather Lewy Pattinson, will take at least a 10 per cent stake in the new venture.
Millner’s father Robert is chairman of Soul Pattinson, which invests in everything from telecommunications to agriculture.
Tom Millner tells your diarist that urban renewal will be a major investment theme in the years ahead as population growth lifts demand for new roads, railroads and airports.
He says as well as investing in property, Urb will look at buying stakes in companies with an infrastructure or logistics flavour. He named toll road operator Transurban and Brisbane-based trucking company Lindsay Australia as some of the stocks he would look at.
While Urb’s focus will be on Sydney initially, Millner says Brisbane has potential because of future population growth and established infrastructure.
We hear Millner and Culbert met a range of investors in meetings arranged by Morgans, CommSec and Bell Potter.
Urb is expected to list on April 7.
Millner says while Queensland has some good roads, airports and tunnels, an obvious bottleneck was the highway to the Gold Coast. He reckons the private sector and government need to co-operate more to get things done. “