Blackstone and Hudson Pacific Properties expand joint venture into UK
Posted on 04/08/2021
Blackstone Group Inc. (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 planned total 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. 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.
British Prime Minister Boris Johnson said in a press release: ‘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 dollars. 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. “