Be.EV inks $27M deal to power up Schroders’s UK retail portfolio

UK EV charging network Be.EV has signed a new partnership with Schroders Capital that will see more than 200 ultra-rapid EV charging bays installed across 22 Schroders Capital-managed retail and leisure properties across the UK.

The £20 million (USD 27 million) investment will see Be.EV fully fund the installation and maintenance of state-of-the-art 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 said in an online post.

“We 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 said.

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.

“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,” Asif Ghafoor, CEO of Be.EV, 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,” Matthew Baddeley, Lead Asset Manager at Schroders Capital, said. “Be. EV’s offering is highly compelling and we look forward to welcoming them to the Schroders Capital’s retail warehouse portfolio.”