Boutique equity and debt capital advisory, Charles Irvine, has raised up to a £100 million equity commitment for the Electric Vehicle charging platform to be known as The Charge through the development of a joint venture with Meadow Partners.
The Charge will raise further debt capital in the region of £150 million to create a portfolio with a target GDV of circa £350 million for roadside retail and EV charging centres across the UK.
The joint venture will take advantage of two rapidly growing trends: the increasing demand for roadside, drive-thru and drive-to retail units and the expansion of EV charging requirements. It will create a substantial UK portfolio of roadside electric vehicle charging real estate assets.
The Charge has already secured its first site in Diss, Norfolk and submitted a planning application for food and beverage, retail and EV charging points.
This site will kick start the rollout of further assets planned for market towns, edge of urban centres and in between conurbations that will offer consumers a mix of EV charging facilities Drive Thru’, food and beverage units, industrial and trade counter units.
The aim is to develop some 60 of these sites across the UK over the next three to four years.
Jamie Glerum of FOR-t, and founder, of The Charge, said “The UK is in very short supply of conveniently located rapid EV chargers and as a growing market, this offers an opportunity for real estate to further strengthen its value as an asset. By providing an enhanced charging experience in locations of high-density traffic, we will create strong returns for our investors as well as contribute to the infrastructure required for the UK’s transition to zero-emission cars.”
David Cunnington, managing director of Charles Irvine and Partner of The Charge, said: “The public demand for electric cars, combined with the Government’s zero emissions vehicle (ZEV) mandate, makes the Roadside Electric Vehicle Charging Centre Platform a strong proposition for investors. Our joint venture with Meadow Partners enables us to take a lead in this growing market and deliver sound returns while delivering sustainable real estate assets.”
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