Monday, November 29, 2021
Real EstateUK

New world-class studio could be coming to Hertfordshire

Hertfordshire

Blackstone and Hudson Pacific Properties plan to create a major new centre for film, TV and digital production

A brand new world-class film studio could be coming to Hertfordshire as a hub for UK and international media productions.

Blackstone and Hudson Pacific Properties plan to create a major new centre for film, TV and digital production in Broxbourne.

The 91-acre site was acquired by Funds managed by Blackstone Real Estate Partners and Hudson Pacific Properties through a joint venture for £120 million.

With a total investment of more than £700 million, the acquisition will be the partners’ first expansion of their Sunset Studios platform outside of the US.

Subject to planning permission, the proposed development would transform the site into one of the largest world-class film and television studio campuses.

The project is expected to create more than 4,500 permanent jobs for Broxbourne and the surrounding community and contribute over £300 million annually into the local economy.

James Seppala, Head of Blackstone Real Estate Europe, said: We are excited to expand our partnership with Hudson Pacific into the UK, and intend to deliver a world-class studio facility that will help ensure that the UK continues to be a premier destination for content production globally.

This is a continuation of our thematic investment focus and long-term conviction in media, entertainment and content creation, he said.

The transaction is a continuation of Blackstone’s existing joint venture with Hudson Pacific, a leading Los Angeles-based office and studio owner and operator.

Together, Blackstone and Hudson Pacific own a media portfolio that totals 3.5 million square feet, including 35 active sound stages and on-site creative offices, as well as development rights, he said.

Victor Coleman, Chairman and CEO of Hudson Pacific, said: We are thrilled to expand our Sunset Studios platform in the UK, a global hub for film and television production. With our expertise developing and operating state-of-the-art media campuses and Blackstone’s resources and existing market presence, we are confident this facility will be in high demand from leading content creators.

We look forward to working with Broxbourne Council to ensure the project has a meaningful positive impact on the local community, he said.

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