Alternative investment company AXA IM Alts has acquired BBC Elstree Centre – its first investment in the UK studio market.

The company had already signalled its intention to break into the studios sector with the purchase last summer of the Bry-sur-Marne studios near Paris.

AXA IM Alts has €184bn of assets under management; the Elstree acquisition was undertaken on behalf of clients. As part of the deal, AXA IM Alts will lease part of the studio site back to the BBC for 25 years; the studio is currently run by BBC Studioworks.

The BBC Elstree 6-acre campus comprises seven stages and currently includes workshop, office and post production facilities. Oxygen Studios advised on the acquisition and will act as development and operating partner.

BBC Elstree is probably best known to date for being the home of EastEnders, which has been filmed there for 40 years; the Albert Square set was constructed in 1984 with the first episode airing in February 1985.

John O’Driscoll, global co-head of real estate at AXA IM Alts, commented: “With the signing of BBC Elstree Centre we will be acquiring one of the oldest working TV & film studios in the U.K., 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.

“The TV & film studios sector remains one of our conviction asset classes, being underpinned by increasing demand from an ever-broader array of production houses, content creators and broadcasters. This is coupled with very limited supply of high-quality modern film and production space, particularly in and around London where new construction is hindered by a lack of available land in the right locations.”

For more on studios around the UK, take a look at our World of Studios 2024 – you can read it online here. 

Images via BBC.