Blackstone and Hudson Pacific Properties have unveiled plans to create a new center for film, TV and digital production in Broxbourne, Hertfordshire,\u00a0the partners\u2019 first expansion of their Sunset Studios platform outside of the U.S.<\/p>\n
The 91-acre site, 17 miles north of central London, was acquired through a joint venture for \u00a3120 million ($167 million). The acquisition has an expected total investment of over \u00a3700 million ($972 million). This transaction is a continuation of Blackstone\u2019s existing joint venture with Los Angeles-based Hudson Pacific.<\/p>\n
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. The proposed development is expected to create over 4,500 permanent jobs for Broxbourne and the surrounding community and contribute more than \u00a3300 million ($417 million) annually into the local economy.<\/p>\n
James Seppala, head of Blackstone Real Estate in Europe, said: \u201cWe are excited to expand our partnership with Hudson Pacific into the U.K. and intend to deliver a world-class studio facility that will help ensure that the U.K. 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.\u201d<\/p>\n
Victor Coleman, chairman and CEO of Hudson Pacific, said: \u201cWe are thrilled to expand our Sunset Studios platform in the U.K., a global hub for film and television production. With our expertise developing and operating state-of-the-art media campuses and Blackstone\u2019s 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.\u201d<\/p>\n
Prime Minister Boris Johnson said: \u201cThis investment is excellent news for the U.K.\u2019s film and TV industry, pumping 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 build back better. This will be a hub for both U.K. and international productions, showcasing home-grown talent on the global stage.\u201d<\/p>\n
Oliver Dowden, MP, secretary of state at the Department for Culture, Media and Sport, said: \u201cThis new studio is yet another vote of confidence in the U.K.\u2019s booming film and TV industry. Through the British Film Commission, we\u2019re supporting the development of stage spaces like this across the U.K.\u2014boosting the local economy and backing our world-class creatives to make the next Bond<\/em> blockbuster or bingeworthy box set.\u201d<\/p>\n Cllr. Lewis Cocking, leader of Broxbourne Borough Council, said: \u201cThis represents a fantastic opportunity for the people of our borough. Creative industries are of strategic importance to us, and the creation of over 4,500 permanent new jobs and the associated boost to the local economy is just what we need following the pandemic. We look forward to working with Blackstone and Hudson Pacific to help deliver significant positive change in Broxbourne.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Blackstone and Hudson Pacific Properties have unveiled plans to create a new center for film, TV and digital production in Broxbourne, Hertfordshire,\u00a0the partners\u2019 first expansion of their Sunset Studios platform outside of the U.S.<\/p>\n","protected":false},"author":1033,"featured_media":11201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[2731,2732],"class_list":["post-11200","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-top-stories","tag-blackstone","tag-hudson-pacific-properties"],"yoast_head":"\n