Albion Land’s Catalyst Bicester scheme has been acquired by DFI for £90 million, the first deal in the fund’s new Techbox platform.

Phases one and two at the multi-let, technology and manufacturing scheme comprise a fully-let 181,000 sq ft across eight units, while phase three is being developed for DFI by Albion Land and will comprise 110,000 sq ft across five units. CBRE and Colliers have been retained as leasing advisers.

DFI is scouring key innovation clusters in the UK and Europe with the aim of growing the £500m Techbox platform through acquisitions and development.

Paul Nearchou, partner for DFI, said: “Building on our deep knowledge of the industrial and logistics space as well as our track record of aggregating portfolios in growth sub-sectors, 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.”

Simon Parsons, director for Albion Land, said: “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.”

DFI was advised by Newmark, Forster’s, Hollis and Deloitte. Albion Land was advised by CBRE, Colliers and Steptoe.

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