AXA IM purchases BBC Elstree Centre
French global investment management firm AXA Investment Managers (IM) have acquired North West London’s BBC Elstree Centre. This purchase marks the first investment by AXA IM into the UK’s TV and film studio market. As part of the deal AXA IM will lease part of the studios to BBC for 25 years. Oxygen Studios, who advised on the acquisition, will also act as developing and operating partner in the new ownership.
John O’Driscoll, Global Co-Head of Real Estate at AXA IM Alts, said: “With the signing of BBC Elstree Centre we will be acquiring one of the oldest working TV and film studios in the UK, 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.
Following some financial setbacks, the BBC announced the sale of their Elstree studios in 2022, seeking GBP 70 million. Now taken on by French investment company AXA IM, the UK based broadcaster has received its necessary boost, as well as the chance to lease back its studios for the next 25 years starting from next year. The North-West London studio facilities have been the home to longstanding local soap opera EastEnders, which began broadcasting a year after BBC originally bough the studio.
“This is possibly the most established studio location in the UK. We like the idea of something that works, but also something that can be improved,” said Axa IM’s global co-head of real estate John O’Driscoll.
The 16 acre studio acquisition marks the second big studio purchase by AXA, which also agreed to a EUR 150 million deal for Bry-sur-Marne Studios, east of Paris. City accessible spaces in the UK have become a key point of focus over the past years, with Sky just opening new studios in Elstree setting it as the next location for an upcoming Paddington movie, FulwellCain’s plans for a GBP 450million film complex in north-east England, and Warner Bros. Discovery expansion into North London.
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