An affiliate of Los Angeles-based film studios investor Commonwealth Real Estate has agreed to lease land at the University of Reading’s Thames Valley Science Park in Berkshire.
The firm, which is working with Atlanta-based Blackhall Studios, will develop a film studio and creative media campus costing more than £200m.
Blackhall has been in discussions with the university since February over developing the new studio complex, which will be known as Shinfield Studios and, subject to planning approval, will open in late 2022.
The scheme is aiming to create around 1,500 new jobs and support up to 1,500 further jobs indirectly.
Professor Robert Van de Noort, vice-chancellor of the University of Reading, said: “It is a credit to the hard work and determination of everyone involved to have concluded a transaction while negotiating through challenging restrictions on movement and travel.
“This lease presents a superb opportunity for the university and facilitates an exciting development for the wider community, and we look forward to Commonwealth bringing their vision to life.”
Nick Smith, managing director of Shinfield Studios, added: “Britain has an enviable array of filmmaking talent, but the industry is short of high-quality studio facilities capable of catering for the new and emerging technologies that will form the core of television and film production in the future.
“Completing this exciting transaction is a big step forward and we look forward to ongoing consultation and engagement with all local stakeholders as this project advances.”
Commonwealth founder and chief investment Officer Adam Fisher said: “We are very excited about the prospect of investing in the UK creative industries as one of the most vibrant markets in the world. We look forward to building partnerships across Wokingham and Reading to make this project a resounding success. Our ambitions for the new studio will be of real benefit to the local economy and the UK as a whole.”
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