U.S. Property Firms Bring Slice Of Hollywood To Ireland With €300M Film Studios
Two U.S. real estate firms have been picked to bring a slice of Hollywood to Ireland with a new €300M film studio.
Los Angeles-based REIT Hackman Capital Partners and New York investment management firm Square Mile Capital Management have announced plans to build the new Greystones Media Campus on a site 15 miles south of Dublin.
The investment in Ireland’s creative industries comes after the real estate firms were selected by the Ireland Strategic Investment Fund to develop the new campus in the coastal town of Greystones.
When fully developed, Greystones Media Campus will be Ireland’s largest studio complex with more than 670K SF of studio space on 44 acres, including 14 state-of-the-art soundstages. The first seven soundstages and associated office, workshop and backlot spaces will be delivered in mid-2024.
The two-phased development is a joint venture with the ISIF, Ireland’s sovereign development fund, and Capwell, a Sisk family investment vehicle.
According to the ISIF, the scheme will be the latest addition to the Hackman Capital/Square Mile Capital portfolio of studio assets. The partnership’s affiliate, The MBS Group, will not only assist in the purpose-built studio design, but will also oversee studio operations and provide production services and equipment rentals when the new studio campus opens its doors.
"This joint venture by the Ireland Strategic Investment Fund and its business partners will enhance Ireland’s ability to capitalise on the high demand for content by promoting our country as a location for both foreign and domestic producers," said Paschal Donohoe, Ireland’s minister for finance.
The audiovisual sector is currently worth more than €1B to the Irish economy, with approximately 12,000 people employed in film, television and animation production.
The new development in Greystones will create 1,500 new jobs once it is operational as well as 450 construction jobs.
“We see Ireland as a premier destination for content creators across the globe, and we’re committed to seeing it grow exponentially,” Hackman Capital Partners founder and CEO Michael Hackman said. “There is enormous talent here, not to mention a stunning landscape and some of the industry’s best financial incentives for filmmakers.”
“The demand for modern, well-run studio facilities in Ireland is very strong and is expected to remain so for the foreseeable future," Square Mile Capital CEO Craig Solomon said. "This opportunity to help meet that demand, and deliver a superior level of operating support to the creative companies that will use the facilities, is very attractive to us.”
CORRECTION, AUG. 9, 5:48 P.M. IST: An earlier version of this story misspelled Michael Hackman’s name. It has been corrected.