Pinewood Shepperton plc is now the sole owner of Shepperton Studios Property Partnership.
Pinewood Shepperton plc (the Company) has completed its acquisition of the 50% interest in the Shepperton Studios Property Partnership (SSPP), formerly owned by clients of Aviva Investors.
As a result, the Company is now the sole owner of SSPP.
In 2006, Aviva and the Company formed SSPP as a 50-50 joint venture to hold and develop the land and buildings of Shepperton Studios. At that time, Aviva made a total payment of £30.5m comprising £10.5m in cash and a long term loan of £20m to SSPP.
SSPP has invested some £9.8m in new developments at Shepperton Studios.
The acquisition comprises a total cash payment to Aviva of £36.8m, including the full repayment and cancellation of the £24m of drawn debt facility within SSPP provided by Aviva. It has been financed from internal resources and an enlarged debt facility of the Company and is expected to be earnings neutral.
Ivan Dunleavy [pictured], chief executive, Pinewood Shepperton plc, commented: “The purchase of Aviva’s interest in SSPP will give the Company full control over the Shepperton site and future investment in the facilities there. We thank Aviva for their contribution and investment in Shepperton Studios over the past eight years.”