The film, TV and digital production studio will be in Broxbourne, Hertfordshire, 17 miles north of central London.
“We are thrilled to expand our Sunset Studios platform in the U.K., a global hub for film and television production,” Victor Coleman, Hudson Pacific’s chairman and chief executive, said in a statement. “With our expertise developing and operating state-of-the-art media campuses, and Blackstone’s resources and existing market presence, we are confident this facility will be in high demand from leading content creators.”
Hudson Pacific and Blackstone acquired the 91-acre site that will be home to the development for £120 million, or $167.1 million.Total investment for the project is expected to be more than £700 million, or roughly $1 billion.
If approved, it’s estimated the development would create a studio that would provide more than 4,500 jobs.
“This investment is excellent news for the U.K.’s film and TV industry, pumping hundreds of millions of pounds into the local economy and creating thousands of jobs for the people of Hertfordshire,” U.K. Prime Minister Boris Johnson said in a statement. “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.”
Last year, Blackstone purchased a 49% interest in Hudson Pacific’s Hollywood Media Portfolio in a deal that valued the portfolio at $1.7 billion. It consisted of Sunset Gower Studios, Sunset Bronson Studios and Sunset Las Palmas Studios.
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