Hackman Capital Partners (HCP) has raised $1.6 billion for its HCP Studio Fund to invest in studio and media assets around the world.
The fund closed on $1.4 billion of commitments, exceeding its initial target of $1 billion and its initial cap of $1.25 billion.
HCP also closed on the fund’s co-investment commitments of $200 million in equity capital bringing the total committed equity capital to $1.6 billion.
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.
Hackman said the fund would leverage Hackman’s 35-year track record, deep industry relationships and operational expertise to source investment opportunities and create value through property performance optimization and strategic studio developments.
In addition, HCP’s ownership of affiliate The MBS Group, a global leading and best in class studio advisory and production and equipment services company, will generate long-term cash flow through the provision of production services and studio-based equipment rentals.
“We are pleased to have completed this institutional capital raise for the studio and media strategy and are grateful for the strong support from our new investment partners,” said Michael Hackman, CEO of Hackman Capital Partners.
“We have built a unique and highly differentiated platform that has established Hackman as the premier owner and operator of independent film and television studios. Combined with our longstanding industry relationships, we provide a sustainable competitive advantage, and are well capitalized to execute on a strong pipeline of investment opportunities,” he added.
As of Q2 2022, the Fund is approximately 50% invested and committed and has made seven investments to a total of $488 million of fund equity capital, the company said.
Select Fund investments include:
- Eastbrook & The Wharf Studios in London: Eastbrook Studios London is a 21.5-acre fully entitled development site that Hackman will transform into a production facility with 12 soundstages and 240,000 square feet of production support and office space. Located four miles from Eastbrook, Hackman also redeveloped The Wharf Studios London, into a production facility with 7 sound stages that were pre-leased. Together, the campuses will total approximately 679,993 square feet.
- Kaufman Astoria Studios in New York: The iconic studio facility in Queens comprises 11 production stages totaling approximately 147,000 square feet, in addition to 207,000 square feet of office, 35,000 square feet of backlot, and 126,000 square feet of support space. The purchase also included a 52,000-square-foot commercial property across the street, which will be redeveloped into a 12,000-square-foot stage and 8,000-square-foot support space.
- Radford Studio Center in Los Angeles: The property sits on a 55-acre site in Studio City and consists of over 1 million square feet of space, including 22 stages, production office and support buildings, third-party tenant offices, a purpose-built broadcast center and filmable backlot locations. Known as “hit city” for its long history of highly successful production clientele, past tenants include well-known and beloved productions like Gilligan’s Island, The Mary Tyler Moore Show, Seinfeld and Big Brother, currently in production.
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. HCP acquired each of these assets with its joint venture partner Square Mile Capital Management.
