Schroders Capital has agreed a partnership with Be.EV, one of the UK’s leading EV charging networks, which will see more than 200 ultra-rapid EV charging bays installed across 22 Schroders Capital-managed retail and leisure properties across the UK.
The £20m investment will see Be.EV fully fund the installation and maintenance of 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.
Be.EV will install ultra-rapid Kempower chargers (up to 300kW) 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.
Be.EV is majority-owned by Octopus Energy Generation’s £1.5bn Sky Fund, which has pledged £110m of funding, positioning Be.EV as one of the UK’s most stable and well-backed chargepoint operators.
The new chargers are expected to have a significant positive financial impact on Schroders Capital’s occupiers. A survey last year found 57% of drivers who use a public charger will go shopping or visit a cafe while charging their vehicle.
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.
Legal agreements have been exchanged on the first three locations, with further exchanges expected imminently.
Asif Ghafoor, CEO of Be.EV, 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.”
Matthew Baddeley, lead asset manager at Schroders Capital, added: “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.”
