Blackstone and Hudson Establish Film Studio in the UK

1.12 Trillion Won Investment... Establishment of Film, TV, and Digital Content Production Complex

[Asia Economy Reporter Yujin Cho] Blackstone, the world's largest private equity firm, and real estate company Hudson Pacific plan to develop a film, TV, and digital content production complex in Broxbourne, on the outskirts of London, UK, according to major foreign media reports on the 1st (local time).

According to the US economic media CNBC, this film studio will be used as a space for blockbuster movies and original content production by online streaming service (OTT) companies such as Netflix.

To this end, both parties acquired a 91-acre (about 1.1 million pyeong) site in Broxbourne, Hertfordshire, about 27 km northeast of London, for approximately ?120 million, and the total investment amount is expected to reach ?700 million (about 1.1208 trillion KRW).

Once the new studio is built with construction permits, it is expected to create 4,500 jobs and bring an annual economic effect of ?300 million to the local economy.

Blackstone and Hudson Pacific jointly own a Hollywood media portfolio including California Sunset Studios, which produced films such as "La La Land" and "When Harry Met Sally."

According to the British Film Institute (BFI), the UK is the world's third-largest film production country after the US and India, with ?2.84 billion invested in film and TV program production last year.

Victor Coleman, Chairman and CEO of Hudson Pacific, said in a statement, "We are pleased to expand the Sunset Studios platform in the UK, a global hub for film and TV production," adding, "Based on our assets with a Hollywood media portfolio and Blackstone's financial strength, we are confident this facility will receive high demand from major content creators."