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LONDON & LOS ANGELES – (COMMERCIAL THREAD) – Blackstone (NYSE: BX) and Hudson Pacific Properties (NYSE: HPP) plan to establish a major new center for film, television and digital production in Broxbourne, Hertfordshire.
Funds managed by Blackstone Real Estate Partners and Hudson Pacific Properties have acquired a 91-acre site, 17 miles north of central London, through a joint venture for £ 120million. The acquisition, with a total planned investment of over £ 700million, will be the partners’ first expansion of their Sunset Studios platform outside of the United States.
The proposed development, which is subject to a building permit, would transform the site into one of the largest campuses of world-class film and television studios. The project is expected to create more than 4,500 permanent jobs for Broxbourne and the surrounding community and contribute more than £ 300million per year to the local economy.
This transaction is a continuation of Blackstone’s existing joint venture with Hudson Pacific, a major owner and operator of Los Angeles-based offices and studios. Together, Blackstone and Hudson Pacific have a media portfolio totaling 3.5 million square feet, including 35 active sound stages and on-site creative offices, as well as development rights. Sunset Studios has hosted some of the biggest hits on the big and small screen, including When Harry meets Sally and La La Land as well as numerous Oscar-winning films.
James Seppala, Head of Blackstone Real Estate Europe, said: “We are delighted to extend our partnership with Hudson Pacific to the UK and intend to provide a world class studio that will help ensure the UK continues to be a premier destination for content production at worldwide. This is a continuation of our thematic investment focus and long-term belief in media, entertainment and content creation. ”
Victor Coleman, President and CEO of Hudson Pacific, said: “We are excited to expand our Sunset Studios platform to the UK, a global hub for film and television production. With our expertise in developing and operating state-of-the-art media campuses, Blackstone’s resources and existing market presence, we are confident this facility will be in high demand by leading content creators. We look forward to working with Broxbourne Council to ensure the project has a significant positive impact on the local community.
Prime Minister Boris Johnson said: “This investment is great news for the UK film and television industry, injecting hundreds of millions of pounds into the local economy and creating thousands of jobs for the people of Hertfordshire. The creative industries are at the heart of our plans to rebuild better. It will be a hub for UK and international productions, showcasing local talent on the world stage. ”
Oliver Dowden MP, State Secretary at the Ministry of Culture, Media and Sport, said: “This new studio is another vote of confidence in the booming UK film and television industry. Through the British Film Commission, we are supporting the development of stage spaces like this across the UK – boosting the local economy and supporting our world-class creators to make the next blockbuster Bond or the next box worthy of the name.
Cllr. Lewis Cocking, Head of Broxbourne Borough Council, said: “This is a great opportunity for the people of our borough. The creative industries are of strategic importance to us and the creation of over 4,500 new permanent jobs and the associated boost to the local economy is exactly what we need after the pandemic. We look forward to working with Blackstone and Hudson Pacific to help bring significant positive change to Broxbourne. ”
Artist impressions of the proposed development can be downloaded here and here.
About Blackstone
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest and the communities in which we operate. To do this, we use amazing people and flexible capital to help businesses solve their problems. Our $ 684 billion in assets under management include investment vehicles focused on private equity, real estate, debt and public stocks, life sciences, growth stocks, opportunistic credit and substandard quality, real assets and secondary funds, all on a global scale. More information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
About Hudson Pacific Properties
Hudson Pacific is a real estate investment trust with a portfolio of office and studio properties totaling nearly 20 million square feet, including land to be developed. Focused on major West Coast innovation, media and tech epicenters, its major tenants include Fortune 500 and leading growth companies such as Netflix, Google, Square, Uber, NFL Enterprises and more . Hudson Pacific is listed on the New York Stock Exchange under the symbol HPP and listed as a component of the S&P MidCap 400 Index. For more information, visit HudsonPacificProperties.com.
Notes to Editors: The list of notable productions that were filmed at Sunset Studios includes:
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Project track
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Scandal
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X-Men (2000)
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When Harry meets Sally
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Karate kid
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I love you man
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Zoolander
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La La Land
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Guess who’s coming to dinner
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Real blood
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Prince of Fresh Bel Air
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Daddy’s Girls
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Hannah montana
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The Bridge over the River Kwai (Academy Award Winner for Best Picture)
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Lost horizon
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Six feet Under ground
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