UK EV charging network operator Be.EV has signed a £20 million deal to install over 200 ultra-rapid charging bays at 22 properties managed by Schroders Capital.
Be.EV will fund the installation and maintenance of the chargers, leased on a 20-year agreement, across the UK leisure and retail sites managed by five Schroders Capital real estate funds including the Schroder Real Estate Investment Trust.
The 20-year leasing scheme, with index-linked market rents, will provide Be.EV with a consistent revenue stream. It will install its ultra-rapid Kempower chargers, which have a charge capacity up to 300kW, or 325 miles’ range in 20 minutes.
The charging hubs will feature six to 12 bays. Be.EV, established in Manchester in 2019, is majority-owned by Octopus Energy Generation’s £1.5 billion Sky Fund, which has pledged £110 million of funding. It currently has a network of 800 live charging bays and is hoping to double this by the end of 2025.
Legal agreements have been exchanged on the first three locations, with further exchanges expected imminently.
The charging installations are also set to have a significant positive financial impact on retailers at Schroders’ sites, as during the time an EV takes to charge, drivers are more likely to browse shops or buy coffee (compared to the fill-and-go habit of petrol vehicle drivers).
Adding to this, Asif Ghafoor, Be.EV CEO, said: “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.”
According to government statistics from January, 49% of the UK’s public charging network is destination charging, with chargers situated at retail parks, shopping centres and workplaces.
Lead asset manager at Schroders Capital Matthew Baddeley noted that improving the EV charging network with the installation of destination charging at its sites supports the electrification of transport as well as the firm’s own sustainability goals.
Last month, Be.EV announced it would invest £4 million to regenerate the unused Failsworth petrol station into an EV forecourt and charging hub. It will offer 12 ultra-rapid charging bays delivering 300kW each.
When complete, Be.EV expects the site to serve over 26,000 daily commuters thanks to its location on a key route between Manchester and Oldham.
Majority owned by Octopus, Be.EV secured a debt raise from NatWest and Germany’s KfW IPEX-Bank in June 2024. The funding is being used to expand Be.EV’s charging network, which is available for use by all drivers. Be.EV members get access to a discounted rate at Be.EV-operated chargers.
