Hackman Capital Partners Raises $1.6B for Studio Fund
The investment fund will focus on the firm’s long-standing focus of studio and media assets.
Clearly someone told Hackman Capital Partners 35 years ago that they out to be in pictures, because they are as close as a real estate investment and operating company can be.
The privately held, real estate investment and operating company, focused on acquiring and actively managing studio, media and commercial real estate properties, just closed its HCP Studio Fund for investors with $1.6 billion in the bag, according to a press release. That included $1.4 billion commitments that surpassed the original $1.25 billion cap, and co-investment components of $200 million.
The fund’s investors include sovereign wealth funds, public and corporate pensions, insurance companies, endowments, foundations, and family offices.
“The Fund is focused on acquiring studio and media assets with attractive in-place income and growth potential in top production markets across the world,” the firm wrote, pointing to “deep industry relationships and operational expertise” that will lead to finding appropriate investment opportunities and creating value through “property performance optimization and strategic studio developments.”
Hackman also owns an affiliate—The MBS Group, a global studio advisory and production and equipment services company—that will “generate long-term cash flow through the provision of production services and studio-based equipment rentals.”
As of the second quarter, the fund was about 50% invested and committed, with seven investments using $488 million of equity capital. Investments so far include Radford Studio Center in Los Angeles, on a 55-acre site in Studio City with 1 million square feet of space and a history of successful productions, including Gilligan’s Island, The Mary Tyler Moore Show, Seinfeld and Big Brother.
A second investment is Kaufman Astoria Studios in New York, comprising 147,000 square feet across 11 production stages, 207,000 square feet of office, 35,000 square feet of backlot, and 126,000 square feet of support space.
Eastbrook & The Wharf Studios in London is a 21.5-acre development site that will become a production facility with 12 soundstages and 240,000 square feet of production support and office space.
“Other assets in the Fund include the Raleigh & Saticoy Studios in Los Angeles; Ardmore & Troy Studios in Limerick and Bray, Ireland; Wardpark Studios in Cumbernauld, Scotland; and the Greystones Media Campus in Greystones, Ireland,” acquired with joint venture partner Square Mile Capital Management.