Logistics real estate veteran Ian Worboys has formed a new joint venture with asset manager Kamco Invest called European Green Logistics Space (EGLS).
Worboys has co-founded EGLS with Amos Chia, former head of acquisitions at pan-European urban logistics platform Crossbay, and Glen Lonie, former head of asset management for Central and Eastern Europe at Cushman & Wakefield.
Worboys is EGLS’s chief executive officer, Chia is the chief investment officer and Lonie is the chief financial officer.
Kamco Invest has acquired a significant stake in EGLS, which will deliver modern, sustainable big box and urban logistics facilities through a two-pronged strategy that will see it acquire and retrofit existing assets and carry out ground-up developments.
EGLS will work with Kamco Invest, along with a small number of other large investors with different investment strategies, on a separate account basis. It has already lined up a strong pipeline of sites and standing assets to be acquired.
Initially, EGLS will invest in the UK, France, Germany, Austria, Czechia, Slovakia and Poland before branching out into Spain, the Netherlands and Italy.
EGLS has recruited a team of 18 seasoned logistics real estate operators as department and country heads. They include Simon Stacey, former director of ARA Dunedin, as head of asset management for Europe, and Phil Sutton, the former UK managing director of Scannell Properties, as head of the UK.
Worboys said: “I am very excited to be re-entering the European logistics market at this time of the real estate cycle with Amos and Glen in partnership with Kamco Invest. I have more than 40 years’ experience in the sector, building European businesses, and this feels like an opportune time to be investing when demand for modern, sustainable facilities remains strong but supply is decreasing.
“Sustainability is at the heart of what we do, and we believe there is a great brown-to-green opportunity, converting outdated units into modern, sustainable facilities as well as carrying out new developments that meet modern ESG requirements.”
Mohammad F Al Othman, senior executive director of alternative investments at Kamco Invest, added: “We are delighted to partner with an expert management team on this strategic venture in Europe. This move reinforces Kamco Invest’s commitment to enhancing fee income while creating valuable opportunities for our regional clients in the logistics sector.
“Aligned with our sustainability strategy, this initiative emphasises responsible investing and complements our suite of alternative investment offerings, providing clients with access to ESG-focused opportunities in the logistics domain”.
EGLS was advised by Eastdil Secured.
