Privately held investment firm Cain International has agreed a £261.5 mln (€305 mln) development loan with Shinfield Studios for what will be one of the UK’s largest film and television production facilities.
The loan will support the development of a film and television production campus that will comprise a total of 942,548 ft2 (87,500 m2), including 18 soundstages across more than 437,000 ft2 as well as 192,329 ft2 of office accommodation, 265,511 ft2 of workshop space, and ancillary space.
To date, four soundstages have been completed and are fully let to a large production company, with the remainder of the project scheduled to deliver in phases beginning in the first quarter of next year.
Shinfield Studios is the first UK outpost of BGP HoldCo, a global soundstage platform controlled by affiliates of Los Angeles-based Commonwealth Asset Management.
Matteo Milan, principal – real estate finance at Cain International, said: 'With the UK’s creative industries having grown three times as fast as the wider economy between 2010 and 2018, and the pandemic accelerating trends towards online streaming exponentially, we are entering a fascinating moment for this market.
'Cain’s loan book has grown significantly in the past 18 months across a range of geographies and asset classes and we are continually striving to find the very best projects in the market. Having the appetite and drive to reach new markets, a collaborative approach, and the expertise to make the most of unique opportunities, we look forward to expanding Cain’s footprint in this sector and others in the near future.'
Delivering in phases between early next year and the third quarter of 2024, Shinfield Studios will be located near Reading and is set to serve rapidly expanding market demand.
Streaming companies’ production spending has been on a consistent upward trajectory in recent years, with 2019’s record total being 85% higher than five years earlier. In 2021, Lambert Smith Hampton forecasted an estimated shortfall of supply of 2.3 million ft2.
Nick Smith and Ian Johnson, joint managing directors, Shinfield Studios, said: 'Our goal is to create a state-of-the-art media hub in the heart of Berkshire which offers easy accessibility to London and the rich pool of production talent working in the South-East of England today.'
Currently doing business under the Blackhall Studios banner, BGP HoldCo operates an 850,000 ft2, nine soundstage production campus in Atlanta, GA that has been home to such blockbuster features as ‘Jumanji: The Next Level’, ‘Jungle Cruise’ and ‘Godzilla: King of the Monsters’.
In addition, the BGP platform is simultaneously developing approximately 2.5 million ft2 of additional production space across two purpose-built studio campuses in Atlanta, Georgia and Los Angeles, California USA. Upon completion of these development projects, Blackhall Studios will own and operate a portfolio of properties that boasts 64 soundstages and over 4.2 million ft2 of lettable area, making it one of the largest operators in the sector.
