DFI, an independent pan-European private equity real estate platform, has launched Techbox in the UK, with the £90 million acquisition of Catalyst Bicester (CGI pictured above), a prime, multi-let industrial technology, innovation and advanced manufacturing estate in Bicester, developed by Albion Land in an off-market deal.
DFI has launched the Platform to capitalise on a growing industrial technology subsector that taps into the UK’s requirement for space to support its advanced manufacturing, R&D and high-tech industrial (or midtech) sectors.
This is a distinct and rapidly growing part of the market that sits between logistics, technology and life science, providing occupiers with power capacity, flexibility and technical space to scale from research through to advanced production. These assets provide critical workspace that power the UK’s innovation economy, supporting key sectors identified in the UK’s Industrial Growth Strategy, Invest 2035 (including mobility, clean-tech, aerospace and advanced engineering among others).
The platform, which is targeting a total GAV of £500 million, has been seeded with the acquisition of Catalyst Bicester, a newly built industrial estate to the north east of Oxford, located less than two miles from J9 of the M40 motorway.
Phases 1 and 2, which completed in 2022 and 2024, comprise 181,000 sq ft of high specification space that combines flexible light industrial functionality with R&D capabilities. Phase 3, with a further 110,00 sq ft across five units, is under construction and will be delivered mid-2026.
The eight units are fully let to four multinational tenants: McLaren, the pioneering British automotive company; Evolito, an electric aerospace company backed by Oxford Science Enterprises; YASA, a British engineering subsidiary of Mercedes-Benz specialising in electric motors; and Tesla, the world's most valuable car manufacturer.
This occupier line-up highlights the demand from global innovation leaders for best-in-class industrial technology space in the UK. Phase 3 is being developed for DFI by Albion Land and will deliver 110,000 sq ft across five units which have already received significant tenant interest. CBRE and Colliers have been retained as leasing advisors.
Designed to integrate occupier wellbeing and strong sustainability performance, Catalyst Bicester has ESG at its core. The estate includes extensive landscaped green space, natural walking paths and seating to enhance occupier experience. Phases 1 and 2, which have achieved BREEAM Very Good / Excellent and EPC A certifications, incorporate EV charging infrastructure and PV solar roof installations to support a significantly upgraded power capacity.
DFI is currently assessing a deep pipeline of additional opportunities across key innovation clusters in the UK, with the intention to scale the Platform through targeted acquisitions and development. Similar opportunities in select European markets are also under consideration.
This latest strategy builds on DFI’s strong track record of creating institutional-grade platforms in supply constrained sectors supported by secular trends and occupier needs. This includes the Intown Logistics, a UK urban logistics platform which was established in 2023 and now comprises 1 million sq ft of space across 11 assets located in prime, urban industrial and logistics hubs in London, the South East and Manchester.
DFI’s other pan-European platforms have been focused on a range of sectors including residential for rent, micro-living and student accommodation. HSBC UK provided the debt financing on the asset. DFI was advised by Newmark, Forster’s, Hollis and Deloitte. Albion Land was advised by CBRE, Colliers and Steptoe.
Paul Nearchou, Partner at DFI, commented: “Building on our deep knowledge of the industrial and logistics space as well as our track record of aggregating portfolios in growth subsectors, this acquisition is the first step in building a new platform within a growing asset class, that is a critical growth driver of the UK’s innovation economy. Techbox taps into the considerable unmet demand from leading innovation and technology companies for best-in-class, bespoke space from which to grow their operations. Our first acquisition, Catalyst Bicester, is a high quality, sustainable asset with a tenant roster of exciting businesses already in place.”
Gavin Neilan, Co-Founding Partner at DFI, added: “At DFI we continue to execute our thematic investment strategy to build scalable platforms in niche or emerging subsectors. Our multi-disciplinary team’s understanding of market-specific fundamentals and broader macroeconomic trends enables us to create institutional-grade portfolios that help address unmet demand for quality space. We believe that Techbox presents an exciting opportunity to create value for our investors as we have done with our previous platform strategies through careful asset selection and active management, ahead of a successful exit once a business plan is complete.”
Simon Parsons, Director at Albion Land, added: “From identifying the need for a high-quality development in Bicester designed specifically for the technology and advanced manufacturing sectors in 2020, we are delighted by the continuing success of Catalyst. Innovative and forward-looking occupiers such as Evolito and McLaren have been attracted by high specification and flexible buildings which are set in a low density and landscaped environment with excellent communications and easy access to extensive amenities.
"The sale to DFI’s Techbox platform marks a new chapter for Catalyst which is now established as one of the leading technology parks in Oxfordshire and enables us to proceed with the third phase of development in collaboration with a specialist and like-minded investment platform. We expect considerable occupier interest from across the technology sector and look forward to the expansion of Catalyst.”
Jason Briggs, Senior Relationship Director at HSBC UK, added: “We are delighted to support DFI with its latest industrial acquisition. The facility marks a milestone in our collaboration with a key client as DFI expands its footprint across the industrial real estate sector”.