Some of the most iconic moments in British cultural and political broadcasting history were filmed at the BBC Elstree Centre in northwest London. But after 40 years of ownership by the national broadcaster, one of the UK’s oldest working film and television studios will soon have a new, French owner in the form of €184 billion AUM asset manager AXA IM Alts.
The alternative investment arm of Paris-based insurer AXA announced it had exchanged contracts mid-January for the asset, which is part of the world-famous Elstree Studios complex. The firm declined to share the value of the deal, but the BBC was reported to be seeking around £70 million ($88.5 million; €81.5 million) for the 16-acre complex when it put it up for sale in 2022. Part of the studio campus will be leased back to the BBC for 25 years after the sale is completed early next year.
The BBC reportedly sold the asset to recoup much-needed funds amid an ongoing spending squeeze. The broadcaster’s chief finance officer Alan Dickson told the Financial Times the sale was “part of an ongoing review of the BBC’s property portfolio in order to provide the best value for license fee payers.” In 2022, the UK government froze the BBC license fee for two years despite the rise in inflation.
The deal marks AXA IM Alts’ first investment in the film and TV studio market in the UK, and comes a few months after its acquisition of the Bry-sur-Marne film and television studios in greater Paris last year for a reported €150 million.
The Elstree Centre comprises seven stages as well as workshops, offices and post-production facilities. In an announcement, AXA IM Alts said it intended to redevelop the site into a “best-in-class new studio campus.” John O’Driscoll, the investor’s global co-head of real estate, said of the deal: “The whole area has a long and illustrious history of producing some of the world’s most celebrated films and television series and, under our stewardship, we aim to continue that legacy.”
National treasure
The complex was built in 1914 as film studios, originally for Neptune Films. The wider Elstree Studios site, of which the BBC Elstree Centre is the oldest part, has remained studios ever since, with notable productions over the years including Star Wars in 1977, The Shining in 1980 and the first three Indiana Jones movies.
Twenty-four years after the Elstree Centre was converted into television studios in 1960, it was purchased by the BBC and became the principal film set for EastEnders, the award-winning soap opera that has remained on TV screens ever since 13 million people tuned in to watch the first episode on February 19, 1985.
During the BBC’s tenure, the Elstree Centre has also been used to film large productions including the BBC’s Children in Need and Comic Relief charity events, as well as coverage of UK general elections. But it is EastEnders for which the site is best known, with the fictional Albert Square part of the open-air set for the long-running soap opera.
If the walls of the BBC Elstree Centre could talk, they would have a distinctly cockney accent.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
