Be.EV to invest £20 million rolling out 200+ ultra-rapid EV charging bays across Schroders Capital’s UK retail portfolio
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 £20 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 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 £1.5 billion Sky Fund, which has pledged £110 million of funding, positioning Be.EV as one of the UK’s most stable and well-backed charge point 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. These benefits to retailers are only going to grow, with registrations of new EVs expected to grow by 31% in 2025.
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, CEO of Be.EV, said: “Like the thousands of drivers who use our network each day, Be.EV is going places.
“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, 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."
ENDS
Notes to Editor
About Be.EV
Be.EV is the UK’s 4th top-rated large rapid/ultra-rapid EV charging network in the UK (as voted by EV drivers and revealed by Zapmap), established in Greater Manchester in 2019 and now operating across the whole of the UK.
It currently operates a growing network of over 800 live charging bays across the UK, a figure expected to reach 1,600 by the end of 2025. It is backed by £110 million from Octopus Energy Generation – the majority shareholder and one of Europe’s largest renewable energy investors – and a further £55 million from lenders NatWest and KfW IPEX-Bank. These green partnerships are powering Be.EV to accelerate the UK’s EV revolution by installing reliable and accessible EV Charging Hubs across the country.
Its core focus is on what EV drivers of today and tomorrow want: publicly accessible, rapid and ultra-rapid charging hubs conveniently located on busy routes, at dwell destinations and in the hearts of communities nationwide. Be.EV is uniquely focused on customer and community over kit – engaging with its 50,000+ members who play an active role in shaping their cleaner and greener neighbourhoods of the future.
It recognises that great customer experience is key to EV adoption, charger usage and network growth, so has invested heavily in its brand, customer and community offerings to ensure Be.EV is the no. 1 charging network of choice for EV drivers in the UK.
About Schroders Capital
Schroders Capital provides investors with access to a broad range of private market investment opportunities, portfolio building blocks and customised private market strategies. Its team focuses on delivering best-in-class, risk-adjusted returns and executing investments through a combination of direct investment capabilities and broader solutions in all private market asset classes, through comingled funds and customised private market mandates.
The team aims to achieve sustainable returns through a rigorous approach and in alignment with a culture characterised by performance, collaboration and integrity.
With $99.3 billion (£79.3 billion; €95.9 billion)* assets under management, Schroders Capital offers a diversified range of investment strategies, including real estate, private equity, secondaries, venture capital, infrastructure, securitised products and asset-based finance, private debt, insurance-linked securities and BlueOrchard (Impact Specialists).
*Assets under management as at 31 December 2024 (including non-fee earning dry powder and in-house cross holdings)