Blackstone and Hudson Pacific plan $1 billion film studios in UK
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Funds managed by the two companies had acquired a 91-acre site, 17 miles from central London, for 120 million pounds
U.S. firms Blackstone and Hudson Pacific Properties said they planned to create a major film, TV and digital production complex in Broxbourne, north of London, in the first overseas expansion of their Sunset Studios platform.
Funds managed by the two companies had acquired a 91-acre site, 17 miles from central London, for 120 million pounds, they said on Sunday, adding that the total investment would be more than 700 million pounds ($975 million).
Subject to planning permission, they said they would build a world-class film and television studio campus, creating more than 4,500 permanent jobs.
Investment firm Blackstone last year bought a 49% stake in real estate company Hudson Pacific`s Hollywood media portfolio, comprising 35 sound stages and offices, including the facilities where hits 'La La Land' and 'When Harry Met Sally' were made.
Blackstone`s head of real estate Europe James Seppala said the partners intended to deliver a studio facility that would help ensure that Britain continued to be a premier destination for production.