Pinewood Shepperton is continuing an aggressive expansion drive with its new Pinewood Atlanta joint venture. The studios are partnering with River’s Rock LLC, an independently managed trust, to develop 288 acres of land south of Atlanta into world class studio facilities. Pinewood has a 40% share in the venture which is being funded by River’s Rock and a debt facility from Synovus Bank. Georgia’s tax incentives can reach up to 30%: there’s a 20% credit for qualified productions, which are then eligible for an additional 10% credit if they include a Georgia promotional logo within the finished product.
Fayette County Development Authority president Matt Forshee recently told the Atlanta Business Chronicle that the new studio would provide the infrastructure required to attract large-scale Hollywood productions. Georgia has been the backdrop for a number of film and TV shoots that require natural scenery, but it’s had a harder time with productions that need big studio space. Construction on the facility will start immediately.
Pinewood recently announced a joint-venture with Chinese mogul Bruno Wu to finance and produce content in China for the global market and secured a $20M investment for its Pinewood Indomina Studios which are expected to be inaugurated in June in the Dominican Republic. The studios also have facilities in Canada, Germany and Malaysia.
In related news, Pinewood said its trading for the year ended March 31 was in line with management expectations and that its planning application for a £200M expansion project will be heard by the local South Bucks District Council on May 15.