Alternative investment manager AXA IM Alts has acquired, on behalf of its clients, a 12 ha land plot in Bry-sur-Marne and Villiers-sur-Marne, Paris, from Nexity.
Financial details were not disclosed.
The site includes one of France’s largest film & series studios, Studios Bry.
The transaction represents AXA IM Alts’ first in the fast-growing studio sector, where rapid growth in demand for original content from broadcasters and streaming services, as well as continued demand for feature film content, is underpinning increasing global demand for purpose-built studio space, the firm said.
John O’Driscoll, global co-head of real estate AXA IM Alts, commented: '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.'
Bry-sur-Marne studios currently provides 5,600 m2 of studio space across eight stages, ranging from 300 m2 to 1,100 m2, in addition to extensive production accommodation of 20,000 m2 comprising workshops, offices, assembling sets and costume and artist dressing rooms.
The studios will be managed by Guillaume de Menthon who was the president of Telfrance, one of France's leading fiction production groups.
AXA IM Alts plans to undertake a significant development programme across the site which will more than double the production capacity and make one of the largest studios in Continental Europe.
Located 9 km east of Paris, Bry-sur-Marne studios benefits from its proximity to both Orly and Charles de Gaulle international airports.
According to Axa IM, studio sector is characterised by a critical shortage of suitable space, which is being exacerbated by land constraints in and around major European cities and municipalities, as well as rising energy and construction costs. France, and Paris in particular, is a global leader in audio-visual and cinematographic content creation.