Madrid Content City has secured funding in order to make it Europe’s second biggest film and TV production hub behind Pinewood Studios in the UK.
Secuoya Studios and publishing giant the Planeta Group have teamed up to fund a planned expansion of the site, which will see it grow by a factor of seven.
The site’s operating area will grow from its current 22,000 square-meters (236,806 square-feet) to 140,000 square-meters (1.5 million square-feet) by 2021.
The development will add five new sound stages as well as production services and other facilities.
“We have long believed that Spain was a great hub of international production, that needed to merge innovation, university and business,” said Secuoya president Raúl Berdonés.
“Now that Spanish fiction is experiencing its greatest moment in history, the time’s right to present this project.”