AXA IM Alts has exchanged contracts to acquire the BBC Elstree Centre in Borehamwood, North West London.
The acquisition, which represents AXA IM Alts’ first investment in the UK’s TV and film studio market, is due to complete in early 2025.
As part of the transaction, which was undertaken on behalf of AXA IM Alts’ clients, the BBC will lease part of the 16-acre studio campus back for 25 years.
In addition to the Elstree Centre’s existing seven stages, workshop, office and post production facilities, there is an opportunity for a redevelopment of the site to deliver best-in-class studio space.
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.
“The TV and film studios sector remains one of our conviction asset classes, being underpinned by increasing demand from an ever-broader array of production houses, content creators and broadcasters. This is coupled with very limited supply of high-quality modern film and production space, particularly in and around London where new construction is hindered by a lack of available land in the right locations.”
Oxygen Studios advised on the acquisition and will act as development and operating partner.
