JV production studio looking to harness the explosion in content creation

King Street Capital Management, in partnership with clients of the Alberta Investment Management Corporation and a sovereign wealth fund, have formed a joint venture with East End Studios to acquire and develop production studios to meet the growing demand for content creation.

The initial projects include three sites in the Greater Los Angeles area with a total capitalization of over $ 500 million and a planned delivery of approximately 750,000 s / f of stage and associated ancillary space.

The partnership will target existing facilities, as well as redevelopment and development opportunities, with the aim of consolidating a portfolio of world-class production steps.

While initial plans include two locations in Glendale, California and a third in downtown Los Angeles, the joint venture is targeting opportunities in other major US film centers, as well as opportunities in established international markets.

David Walch, Partner at King Street, said: “As an active real estate investor, we are drawn to the imbalance between supply and demand in the studio industry which we have identified through our relationships and expertise. in industry. We look forward to leveraging our extensive experience to successfully reposition real estate assets in the studio industry. “

Ian Woychuk, Director of Real Estate at AIMCo, added: “Streaming services continue to experience rapid growth with a number of new players entering the market, a trend that only accelerated during the pandemic. The rate at which technology is advancing in this area has allowed more production to occur on sound stages, resulting in a huge demand for modern studio facilities. We believe the joint venture is well positioned to capitalize on this trend in major media markets globally. “

King Street is a global alternative investment firm with $ 20 billion in assets in the public and private markets. AIMCo is one of the largest institutional investment managers in Canada and East End Studios is a private equity-backed growth platform headquartered in Los Angeles, California with an office in New York.

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Jenny T. Curlee