Peel plots US expansion for Pinewood
PINEWOOD Shepperton, the film studios controlled by Manchester’s Peel Group, has launched a US joint venture to develop 288-acres of land near Atlanta into production facilities for film, television, music and video games.
In a stock market statement Pinewood said it had taken a 40% stake in a joint venture with River’s Rock, an independently managed trust of the Cathy family.
The land and studio construction costs will be funded by equity from River’s Rock and a debt facility from Synovus Bank. The business will operate under the Pinewood trademark and Pinewood will provide the joint venture with sales and marketing services.
The company said Pinewood Atlanta will allow producers access to “attractive fiscal incentives from the State of Georgia”. Construction is expected to start immediately.
Pinewood chief executive Ivan Dunleavy said: “This new studio will target US productions. Georgia has excellent fiscal incentives and a great crew base. With River’s Rock we have a well resourced partner that is committed to building a first class studio facility.”
Jim Pace, managing partner at River’s Rock, said: “We are tremendously excited to be creating a world class studio in the state of Georgia and are looking forward to working with Pinewood in the many years to come. The Pinewood brand is so well recognized in the global film industry and together there is a great opportunity to build an excellent facility that will attract the very best producers.”
In a trading update Pinewood said its performance in the year to March was in line with management expectations. The planning application for a £200m project to increase the capacity at Pinewood Studios will be heard on May 15.
Peel holds 58% of the shares through Goodweather Investment Management. Stockport jeweller Warren James has 26% and the Isle of Man government has nearly 10%.
