Kirkland and Ellis has advised Hudson Pacific Properties (HPP), alongside Blackstone (BX), on the plan to create a new centre for film, TV and digital production in Broxbourne, Hertfordshire.
Funds managed by Blackstone Real Estate Partners and HPP acquired a 91-acre site, 17 miles north of central London, through a joint venture for £120m.
The acquisition, with an expected total investment of over £700m, will be the partners’ first expansion of their Sunset Studios platform outside of the US.
The proposed development, which is subject to planning permission, will transform the site into one of the “largest world-class film and television studio campuses”.
The project is expected to create over 4,500 permanent jobs for Broxbourne and the surrounding community and contribute more than £300m annually into the local economy.
Kirkland fielded a “multi-jurisdictional” team led by London corporate partner Annette Baillie and associate Irfan Ahmed and Los Angeles real estate partner Al Stemp.
The team also included London technology and IP transactions partner Joanna Thomson and associate Alex Zapalowski.