AXA taps filmmaking sector with French studios acquisition
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The alternative investments arm of AXA has agreed to buy a 12-hectare plot of land in Bry-sur- Marne and Villiers-sur-Marne near Paris, where it plans to renovate and expand a set of film studios, marking the company’s first move to the growing sector of film and series production.
The site, acquired from French developer Nexity, includes one of the main French filming complexes, where the latest Asterix & Obelix screen adaptation is has been produced. The purchase price was not disclosed, but mallowstreet understands that AXA IM Alts had spent €150m (£130m) on the total investment, including development costs.
This transaction marks AXA IM Alts' first in the sector of series and film production, where the “rapid growth in demand for original productions from broadcasters and streaming platforms, as well as the continued demand of film productions, support the growing global demand for purpose-built studio space”.
AXA IM Alts plans to undertake a “significant development” programme, allowing the site to more than double its production capacity and eventually become one of the largest studios in continental Europe.
The company notes there is a shortage of suitable space, accentuated by land constraints in and around major European cities, as well as rising energy and construction costs. AXA added: “France, and Paris in particular, is a world leader in the creation of audiovisual and cinematographic content.”
The Bry-sur-Marne film studios measure about 5,600m² spread over eight sets, as well as production space of 20,000m² including set and costume workshops, offices and dressing rooms for the artists.
John O'Driscoll, global co-head of real estate at AXA IM Alt, said: “This investment is also part of our desire to create long-term value for our customers; integrated sites such as the Bry-sur-Marne studios, which can accommodate the entire creative content production ecosystem, are key to accelerating the decarbonisation of the film industry. We have the ambition to significantly expand our platform of studio real estate assets.”
Located 9km east of Paris, O'Driscoll also called the investment “a rare opportunity” due to its proximity to the centre of Paris, with “quality infrastructure and the possibility of extending the site to meet rapidly growing demand”.
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