Blackstone and Hudson Pacific Properties announce plans for new U.K. film and TV studios

Funds managed by Blackstone Real Estate Partners and Hudson Pacific Properties have acquired a 91-acre site, 17 miles north of central London, through a joint venture for £120 million (€140 million/$166 million). The acquisition, with an expected total investment of more than £700 million (€819 million/$972 million), will be the partners’ first expansion of their Sunset Studios platform outside of the United States.

The proposed development, which is subject to planning permission, would transform the site into one of the largest world-class film and television studio campuses. The project is expected to create more than 4,500 permanent jobs for Broxbourne and the surrounding community and contribute more than £300 million (€251 million/$417 million) annually into the local economy.

This transaction is a continuation of Blackstone’s existing joint venture with Hudson Pacific, a leading Los Angeles–based office and studio owner and operator. Together, Bla