Blackstone Real Estate Partners and Hudson Pacific Properties are funding construction for a new Sunset Studios movie studio in the United Kingdom, according to a report from CNBC.
Both companies paid $167 million to build the studio in Broxbourne, a town in Hertfordshire, the report said.
"We are thrilled to expand our Sunset Studios platform in the UK, a global hub for film and television production,” Victor Coleman, Hudson Pacific chairman and CEO, told CNBC. “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.”
The studio is bringing more than 4,500 permanent jobs, Reuters reported.
“This is a continuation of our thematic investment focus and long-term conviction in media, entertainment and content creation,” James Seppala, head of Blackstone Real Estate Europe, told CNBC.
Sunset Studios, a California-based studio, produced the academy award-winning film La La Land and ASCAP award-winning television series The Fresh Prince of Bel-Air.
Filmmaking in the UK has seen an economic recovery despite the COVID-19 pandemic. According to BFI, an organization that promotes culture through films and works with the government to monitor industry growth, the final quarter of 2020 saw the country's second-highest spend ever over a three-month span.
“These impressive figures show the resilience and creativity of the UK screen industries,” Oliver Dowden, UK's culture minister, told BFI. ”We’re getting our screen industries firing on all cylinders again with the government’s Film and TV Restart Scheme and Cultural Recovery Fund, which has awarded lifeline grants to independent cinemas. I am pleased that the government’s targeted interventions mean this sector is well placed for future strong growth and job creation.”