Blackstone and Hudson Pacific Properties are planning to create a new centre for film, TV and digital production in the UK, just to the north of London.
Funds managed by Blackstone Real Estate Partners and Hudson Pacific Properties have acquired a 91-acre site at Broxbourne, Hertfordshire, for £120 million and expect to invest over £700 million, in an expansion of the Sunset Studios platform, the first such expansion outside the US.
The proposal does not yet have planning consent but the partners say it would transform the site into “one of the largest world-class film and television studio campuses”.
The project is expected to create over 4,500 permanent jobs for Broxbourne and the surrounding community and contribute more than £300 million annually into the local economy.
Blackstone and Hudson Pacific already own a media portfolio of 3.5 million sq ft which includes 35 active sound stages and on-site creative offices, as well as development rights.
“This is a continuation of our thematic investment focus and long-term conviction in media, entertainment and content creation,” said head of Blackstone Europe James Seppala.