AXA IM Alts has acquired a French film studio from real estate developer Nexity, in a deal that marks the asset manager’s entry into a sector being targeted by real estate investors scouring for opportunities in an increasingly competitive market.
AXA IM Alts said the film studio forms part of a 12-hectare plot of land in Bry-sur-Marne and Villiers-sur Marne acquired in Paris.
Bry-sur-Marne studios currently provides 5,600sqm of studio space across eight stages, in addition to production accommodation of 20,000sqm.
AXA IM Alts expects to undertake a significant development programme across the site which will more than double the production capacity, the manager said.
John O’Driscoll, global co-head of real estate AXA IM Alts, said: “This was a rare opportunity to acquire one of the largest studios in France, close to Paris’ city centre, with good infrastructure and the option to extend the premises to meet rapidly growing demand.
“The investment also aligns with our purpose to deliver long-term value to clients; consolidated sites such as Bry-sur-Marne, which can house the entire content production ecosystem, are essential in accelerating the decarbonisation of the film industry. We have ambitions to significantly scale our studios real estate platform.”
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