The BBC has exchanged contracts with AXA IM Alts as part of the sale of its Elstree Centre complex.
The acquisition is expected to be completed in early 2025.
The Elstree deal marks AXA IM Alts’ first investment into the UK’s TV and film studio market. The company already owns the Bry-sur-Marne studios in greater Paris.
As part of the transaction, AXA IM Alts will lease part of the studio campus back to the BBC for 25 years.
According to the company, the BBC’s studios at Elstree represent “an opportunity for brownfield redevelopment to deliver a best-in-class new studio campus, with filming and production space to match the increasing demand in the sector”.
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.”
Reports the BBC was looking to sell Elstree, home of EastEnders, last August as it looked to generate additional income.
The financial terms of the deal have not been revealed, but according to reports the BBC was looking for around £70 million when it first put the site on the market in 2022.
