Calash is pleased to announce that it provided commercial due diligence to the Scottish National Investment Bank on its investment into Utopi, a leading real-estate data analytics platform.
Glasgow-headquartered Utopi is a digital technology business developing a specialist ESG monitoring platform for multi-tenant real estate. The Scottish National Investment Bank is investing £5m of equity to enable the company to scale-up and expand its skilled team in Scotland whilst serving a global client base, anchoring the company in Scotland. Figures indicate that the new technology is on track to reduce over 6,500 tonnes of carbon from multi-resident buildings over three years.
Calash provided commercial due diligence on the deal on behalf of the Scottish National Investment Bank. Commercial due diligence included reviewing the target’s business activities and pipeline, service demand from existing and adjacent markets, a review of alternative markets and technology applications, a competitive benchmarking exercise, and a review of the current M&A and capital market environment for the sector.
The Calash team included David Wilson, Callum Evett, Mario Petrov and Patrick Harris.
“Calash’s pragmatic approach to commercial due diligence was a great support in closing this investment. The real-estate data analytics space is fast growing and an important part of the decarbonisation of heat in buildings, which is an area of focus for both the Bank’s Net Zero and Place missions. Calash’s experience in the energy sector added much value to our assessment of the business.”
Nicola Douglas, Executive Director, Sustainable Investment, Scottish National Investment Bank
Read the full press release Here
Utopi has developed digital technology that collects data, engages with residents, and reports on how buildings perform to ESG standards. Allowing real-estate owners to act and increase asset value, while reducing the environmental impact of their portfolio. The Utopi resident app feeds real-time building data to residents to significantly improve their living experience, creating happy, healthy communities.
The Scottish National Investment Bank invests in Scottish businesses, projects and communities to deliver environmental, social and financial returns for the people of Scotland. Investments in debt and equity are made on commercial terms based on the needs of individual projects or businesses.
The Bank invests in businesses based in Scotland, projects based in Scotland, or businesses seeking to move to Scotland. Typically the Bank will invest in businesses and projects seeking more than £1m in investment support (debt or equity). All investments must deliver both commercial returns and mission impact returns that support at least one of the Bank’s missions.