Sunset Studios Eyes $1B U.K. Film and TV Production Facility

Sunset Studios, backed by investment firm Blackstone and Hudson Pacific Properties, said Monday it plans to spend nearly $1 billion to create a new center for film, TV and digital production in Broxbourne, Hertfordshire in England.

It will be its first expansion beyond the U.S.

Funds managed by Blackstone Real Estate Partners and L.A.-based Hudson Pacific acquired a 91-acre site  17 miles north of central London for £120 million ($167 million) with an expected total investment of more than £700 million ($975 million).

The companies said the proposed development is set to become a hub for U.K. and international productions and is expected to create more than 4,500 permanent jobs and contribute £300 million ($417 million) annually to the local economy as one of the U.K.’s largest production locations.

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“Sunset Studios has hosted some of the biggest small- and big-screen hits, including When Harry Met Sally and La La Land, as well as numerous Academy Award-winning films,” the companies said.

James Seppala, head of Blackstone Real Estate Europe, said: “We are excited to expand our partnership with Hudson Pacific into the U.K. and intend to deliver a world-class studio facility that will help ensure that the U.K. continues to be a premier destination for content production globally. This is a continuation of our thematic investment focus and long-term conviction in media, entertainment and content creation.”

Victor Coleman, chairman and CEO of Hudson Pacific, added: “We are thrilled to expand our Sunset Studios platform in the U.K., a global hub for film and television production. 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.”

British Prime Minister Boris Johnson, said: “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. 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 homegrown talent on the global stage.”

Added culture secretary Oliver Dowden: “This new studio is yet another vote of confidence in the U.K.’s booming film and TV industry. Through the British Film Commission, we’re supporting the development of stage spaces like this across the U.K. — boosting the local economy and backing our world-class creatives to make the next Bond blockbuster or binge-worthy box set.”