As part of a global innovation drive, our property businesses are deploying £65m into early-stage companies capable of accelerating the attainment of ambitious environmental, social and commercial goals while supporting product development from a customer’s perspective and accelerating revenue growth.

In 2022, two new investments were completed. Our first investment of the year was into Demand Logic, a

technology platform which helps reduce building energy consumption and increase maintenance effectiveness. A trial in our portfolio enabled energy savings of up to 30%, generating significant cost and carbon savings.

Our second investment was in Pupil, a spatial data company that has created an ecosystem to digitally map the built world. The accuracy, speed and quality of the output from Pupil’s AI-led technology can help us improve data- driven decision-making and property marketing for our own portfolio and support product development.

In addition, we made follow-on investments into two of our existing portfolio companies. The first was Dash Living, a co-living platform based in Hong Kong with operations in Australia, Japan and Singapore and the second in NearSt, a retail technology platform that connects customers to live product information in physical stores through their mobile devices.