AXA IM Alts has exchanged contracts for the acquisition of the world-famous BBC Elstree Centre in North West London, with the acquisition due to be completed in early 2025. The acquisition will represent AXA IM Alts’ first investment into the U.K.’s TV and film studio market and was undertaken on behalf of clients. As part of the transaction, AXA IM Alts will lease part of the studio campus back to the BBC for 25 years.
The transaction follows AXA IM Alts’ acquisition of the Bry-sur-Marne studios in greater Paris in June 2023, which includes one of France’s largest film & TV series studios, and is a further example of its conviction for a sector that benefits from strong tailwinds of rapid growth in demand for original content from broadcasters and streaming services, as well as the continued need for studio space for feature film content, underpinning increasing global demand for purpose-built studio space.
The 64,647m2 campus comprises seven stages and currently includes a workshop, office, and post-production facilities. These facilities present an opportunity for brownfield redevelopment to deliver a best-in-class new studio campus, with filming and production space to match the increasing demand in the sector. Oxygen Studios advised on the acquisition and will act asa development and operating partner.
The studios are located in Borehamwood, North West London, perfectly situated for productions seeking central and outer London filming locations and accessible in just 20 minutes by rail from King’s Cross St. Pancras station. The studios also benefit from excellent access to national motorways, including the M25 London ring road which provides access to Heathrow airport in less than an hour, as well as being serviced directly by rail from both Gatwick and Luton airports.
John O’Driscoll, Global Co-Head of Real Estate at AXA IM Alts, commented: “With the signing of BBC Elstree Centre we will be acquiring one of the oldest working TV & film studios in the U.K., with a history dating back almost 110 years. The structure of the transaction allows the BBC to continue its production on the site for at least another 25 years, while providing us with the opportunity to invest in the site to create new world class studios. The whole area has a long and illustrious history of producing some of the world’s most celebrated films and television series and, under our stewardship, we aim to continue that legacy.”
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