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Pinewood Plots Major Shepperton Studios Expansion With 100-Acre Real-Estate Deal (EXCLUSIVE)


Aermont specializes in real estate, and a bond issue it completed at the end ... and it’s looking into possibilities in Los Angeles, Vancouver and New York. “We are also keeping a close eye on India and China,” Golding said. “They are not ...


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Read Next: NBC Orders Comedy Pilot 'Bright Futures' From 'Grown-ish' Team, Kenya Barris Instagram Twitter YouTube Facebook Variety.com Menu Film TV Music Tech Politics Theater Real Estate Awards Video V500 HOME TV Global February 13, 2018 3:10AM PT Pinewood Plots Major Shepperton Studios Expansion With 100-Acre Real-Estate Deal (EXCLUSIVE) Pinewood Pictures shuttered as focus shifts to studios business By Stewart Clarke @varietystewart Stewart Clarke International Correspondent @varietystewart FOLLOW Stewart's Most Recent Stories James Norton, Vanessa Kirby Join Agnieszka Holland’s Stalin-Era Movie ‘Gareth Jones’ (EXCLUSIVE) Red Arrow, Don Carmody Team for Female-Driven Poaching Drama ‘Blood Horn’ (EXCLUSIVE) Amazon Confirms Culture-Clash Comedy as First French Original Series (EXCLUSIVE) View All Facebook Twitter Reddit Email Show more sharing options LinkedIn WhatsApp Print Pin It Tumblr CREDIT: Shepperton Studios Limited The Pinewood Group has bought a large chunk of land next to Shepperton Studios with a view to expanding the iconic complex as demand for stages and workshops in the U.Kcontinues to increaseThe next phase of expanding the company’s cornerstone Pinewood Studios is also under way, with potentially a third phase of development to comeAnd to focus on growing its studio spaces, the group has gotten out of the film finance and production business, shuttering its Pinewood Pictures unit. Pinewood Studios, where the James Bond films were shot, is set for a $276 million doubling in sizeShepperton Studios in west London, the arch-rival it bought out in 2001, was the British filming home for such movies as “DrStrangelove,” “Alien” and the just-wrapped “Mamma Mia! Here We Go Again.” It occupies 600,000 square feet over 25 acres, and Pinewood has now acquired an adjacent lot four times that size. “What we have been doing over the last 18 months is investing into landWe have bought 100 acres adjacent to the studioWe don’t have planning but will start that process in the next couple of months,” Pinewood chairman and interim CEO Paul Golding told Variety. Related Idris Elba Says the World Is Ready for a Female James Bond 'Mamma Mia 2' Trailer Teases Meryl Streep's Character's Death Golding is a partner at private equity firm Aermont, which bought the Pinewood Group for $446 million in 2016. Aermont specializes in real estate, and a bond issue it completed at the end of 2017 raised about $345 million, some of which will be used to cover the Pinewood Studios expansionThe Shepperton development will require additional finance. “We want to be able to put additional supply into our hopper,” Golding said in his first major interview since Aermont bought Pinewood“When we execute will be determined by planning consent and by demand, and if demand is there we will meet it through increased supplyWe want to put together a [collection] of sites to meet that.” Last year saw film and high-end TV production spending in the U.Ktop $4 billion for the first time — a domestic record“Demand for our skills is incredibly high, and while studio space has increased dramatically thanks to new sites like Church Fenton and Belfast Harbour Studios coming online, as well as significant expansions at Pinewood and Leavesden, space remains at a premium,” said Adrian Wootton, chief executive of Film London and the British Film Commission“We believe it’s almost a ‘Field of Dreams’ situation when it comes to new studio space: If we build it, productions will come.” “We want to be able to put additional supply into our hopper….If demand is there, we will meet it through increased supply” To concentrate on its studios, Pinewood is getting out of the business of financing and producing its own contentPinewood TV, which co-produced Benedict Cumberbatch’s “The Child in Time,” has already been spun off and rebranded as Twelve TownPinewood Pictures, which administered Isle of Man and Wales film funds worth $76 million and helped finance period dramas “Their Finest” and “Belle,” has been shuttered, with the loss of a number of jobs. “We felt that providing infrastructure to customers we have been serving for a very long time was really what the business of Pinewood was,” Golding said“We had a good team at Pinewood Pictures, but it was a relatively small part of the business, and it took up a significant amount of senior management timeIt was precipitated by the Isle of Man fund coming to an end last October anyway so it felt like we were becoming less relevant in terms of scale.” In 2016, five new soundstages opened at Pinewood Studios as part of the first phase of its expansion; the first movie to use them was James Bond producer Barbara Broccoli’s “Film Stars Don’t Die in Liverpool.” The new space has now been leased to a U.Sstudio, but details are under wraps. Phase two is about to get under way and will result in an additional six stages that will be ready by spring 2019 and allow Pinewood to house four blockbuster movies at a time. Yet a third wave of development is being plotted because Pinewood’s planning permit allows for 850,000 square feet of expansion in all; the first two phases cover 540,000 square feet. “Our intention to develop that over the coming yearsOver the course of our ownership we will deliver a million square feet,” Golding said“We have outline planning consentWe are comfortable that there is demand there already, and if it continues in the manner we are seeing we will start the next phase of development, so really it is a tap we can turn on to meet demand.” Since 2010, almost a third of all movies with budgets of more than $100 million have filmed at Pinewood Group’s studios around the worldOutside London, it has production facilities in Atlanta, the Dominican Republic, Malaysia, Toronto and Wales, and it’s looking into possibilities in Los Angeles, Vancouver and New York“We are also keeping a close eye on India and China,” Golding said“They are not necessarily countries where our existing customers want to go but are both very big markets.” When previous CEO Ivan Dunleavy left Pinewood in April, he sought and was given a promise that Aermont would leave Pinewood in a better place than where its new owner found it, Golding said. The U.Kstudio expansions are aimed at strengthening the Pinewood brand and identity as a premier production services provider; there are no plans to use the added space for non-film and TV purposes. “That won’t happen on our watch,” Golding vowed“Pinewood and Shepperton are icons of the British film industry, and we must preserve that.” Leave a Reply DrStrangelove James Bond Mamma Mia: Here We Go Again Want to read more articles like this one? Subscribe to Variety Today. JavaScript is required to load the comments. Loading comments... document.getElementById('comments-loading').style.display = 'block'; Most Viewed Elastigirl Takes the Lead in New 'Incredibles 2' Sneak Peek Ellen DeGeneres, Chelsea Handler and Others Rally for Gun Control After Florida High School Shooting TV Industry Abuzz About Ryan Murphy's Netflix Deal and Fallout for Disney, Fox and FX Must Read TV Alexander Polinsky Alleges Scott Baio Exposed Himself on Set TV Ryan Murphy Inks Mammoth Overall Deal With Netflix TV Shaun White Apologizes for Referring to Sexual Harassment Claims as ‘Gossip’ Sign Up for Daily Insider Newsletter Please fill out this field with valid email address. Sign Up More TV TV Industry Abuzz About Ryan Murphy's Netflix Deal and Fallout for Disney, Fox and FX The Pinewood Group has bought a large chunk of land next to Shepperton Studios with a view to expanding the iconic complex as demand for stages and workshops in the U.Kcontinues to increaseThe next phase of expanding the company’s cornerstone Pinewood Studios is also under way, with potentially a third phase of development […] 7 hours ago TV News Roundup: 'Unbreakable Kimmy Schmidt' Sets Season 4 Premiere Date at Netflix The Pinewood Group has bought a large chunk of land next to Shepperton Studios with a view to expanding the iconic complex as demand for stages and workshops in the U.Kcontinues to increaseThe next phase of expanding the company’s cornerstone Pinewood Studios is also under way, with potentially a third phase of development […] 7 hours ago Scott Baio Denies All Sexual Abuse Allegations, 'Fully Expects' to Be Cleared After Police Investigation The Pinewood Group has bought a large chunk of land next to Shepperton Studios with a view to expanding the iconic complex as demand for stages and workshops in the U.Kcontinues to increaseThe next phase of expanding the company’s cornerstone Pinewood Studios is also under way, with potentially a third phase of development […] 8 hours ago 'Disjointed' Canceled After One Season at Netflix The Pinewood Group has bought a large chunk of land next to Shepperton Studios with a view to expanding the iconic complex as demand for stages and workshops in the U.Kcontinues to increaseThe next phase of expanding the company’s cornerstone Pinewood Studios is also under way, with potentially a third phase of development […] 9 hours ago 'Midnight, Texas' Renewed for Season 2 at NBC, Sets New Showrunners The Pinewood Group has bought a large chunk of land next to Shepperton Studios with a view to expanding the iconic complex as demand for stages and workshops in the U.Kcontinues to increaseThe next phase of expanding the company’s cornerstone Pinewood Studios is also under way, with potentially a third phase of development […] 9 hours ago NBC Orders Comedy Pilot 'Bright Futures' From 'Grown-ish' Team, Kenya Barris The Pinewood Group has bought a large chunk of land next to Shepperton Studios with a view to expanding the iconic complex as demand for stages and workshops in the U.Kcontinues to increaseThe next phase of expanding the company’s cornerstone Pinewood Studios is also under way, with potentially a third phase of development […] 10 hours ago Julia Louis-Dreyfus Is 'Ready to Rock' in Breast Cancer Battle Update The Pinewood Group has bought a large chunk of land next to Shepperton Studios with a view to expanding the iconic complex as demand for stages and workshops in the U.Kcontinues to increaseThe next phase of expanding the company’s cornerstone Pinewood Studios is also under way, with potentially a third phase of development […] 11 hours ago More From Our Brands Footwear News Snow Boots Took the Crown for the Craziest Shoes at NYFW 2 hours ago Deadline Florida School Shooting: Celebrities Send Condolences, Demand Action & Change 8 hours ago TVLine Winter Olympics 2018: Who Took Home a Pairs' Figure Skating Medal? 6 hours ago Indiewire Isabelle Huppert, Marisa Tomei, and Greg Kinnear to Star In Ira Sachs’ ‘A Family Vacation’ 8 hours ago Variety About Us Careers Variety Screening Series Variety 411 Variety Insight Vscore Live Media Summits Legal Privacy Policy Terms of Use Your Privacy Rights Customer Service Variety Premier Variety Archives Variety Print Contact Us Account Login Subscribe Help ConnectInstagram Twitter YouTube Facebook The Business of Entertainment Subscribe Today

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