EV charging network provider investing £20m in deal with property investment giant
Manchester-based electric vehicle (EV) charging network provider, Be.EV, is investing £20m in a deal with property investment giant, Schroders Capital, to provide hundreds more charging stations.
The agreement will see more than 200 ultra-rapid EV charging bays installed across 22 Schroders Capital-managed retail and leisure properties across the UK.
Be.EV fully fund the installation and maintenance of the charging solutions at sites managed by five Schroders Capital real estate funds, including Schroder Real Estate Investment Trust and Schroders Capital UK Real Estate Fund, enhancing key retail destinations nationwide.
Be.EV will install ultra-rapid Kempower chargers capable of delivering up to 325 miles of range in as little as 20 minutes on some of the UK’s most prominent retail and leisure parks, where retailers include Sainsburys, Aldi, Lidl, Costa Coffee, KFC, McDonalds, Nandos, Pizza Express, Starbucks, Marks & Spencer and IKEA.
The charging network provider is majority-owned by Octopus Energy Generation’s £1.5bn Sky Fund, which has pledged £110m of funding.
The new chargers are expected to have a significant positive financial impact on Schroders Capital’s occupiers.
The charging hubs, the majority featuring six to 12 charging bays, will be leased on a 20-year agreement with index-linked market rents, reflecting the commitment from both Schroders Capital and Be.EV to sustainable infrastructure development.
The partnership cements Be.EV’s position as a leading, nationwide charge point operator, supporting landlords in future-proofing their assets by bringing convenient, ultra-rapid charging to their shoppers. In return, Schroders Capital clients benefit from long term, index-linked income stream.
Legal agreements have been exchanged on the first three locations, with further exchanges expected imminently.
Asif Ghafoor, Be.EV CEO, said: “This is a landmark deal for Be.EV and we are excited to help the big brands who occupy the retail parks in Schroders portfolio benefit from the increased footfall benefits EV charging brings.
“I would like to congratulate all the team at Be.EV for their hard work in securing this important deal.”
Matthew Baddeley, lead asset manager at Schroders Capital, said: “Improving the UK electric charging network is essential in supporting the UK’s energy transition goals, whilst it also aligns with our own net zero targets.
“Be.EV’s offering is highly compelling and we look forward to welcoming them to the Schroders Capital’s retail warehouse portfolio.”
