TPG Real Estate Partners has completed the acquisition of a majority stake in Studio Babelsberg AG, a German film studio.
The acquisition of the studio complex in Europe comes as a streaming content boom has Wall Street and hedge funds eyeing studio facilities for acquisitions. On Monday, TREP said it had paid the shareholders of Studio Babelsberg in Germany EUR 4.10 for the majority of shares outstanding through a recent public offering.
Babelsberg CEO Dr. Carl L. Woebcken and COO Christoph Fisser maintain a minority stake in the Potsdam-based studio complex, from which country? largest studio and has worked on Hollywood productions such as Steven Spielberg’s Bridge of Spies, by Wes Anderson Grand Budapest Hotel and Quentin Tarantino’s Inglourious Basterds.
In September, TREP first announced an agreement to acquire a controlling stake in the legendary production facility by acquiring Filmbetriebe Berlin Brandenburg GmbH, controlled by Woebcken and Fisser. With the closing of the transaction, Studio Babelsberg joins other TREP studio properties, including Cinespace Studios, and all of which include 90 stable of sound systems around the world.
In November, TREP purchased studio facilities in Toronto and Chicago belonging to Cinespace Studios, which produces major movies and TV series such as Dick Wolf’s Chicago Fire, Chicago PD and Chicago Med, Netflix’s Oh Academy and MGM’s The story of the maid.
Terms of the deal were not disclosed, but it is understood that the real estate equity investment arm of property firm TPG paid about $1.1 billion for Cinespace Studios in Chicago and Cinespace Toronto.
Studio Babelsberg will continue to operate as an independent entity.
“With Studio Babelsberg, we saw an opportunity to invest in a premier studio facility well positioned to benefit from secular growth trends in content consumption and media. We support the company’s strategy and direction and look forward to growing the business,” TREP partner Michael Abel said in a statement.