Travers Smith LLP has advised Pinewood Shepperton (Pinewood), Europe's largest provider of stage and studio space, on the acquisition of the 50% interest in the Shepperton Studios Property Partnership, formerly owned by clients of Aviva Investors. As a result, Pinewood has become the sole owner of the Shepperton Studios.

Aviva and Pinewood formed Shepperton Studios Property Partnership (SSSP) in 2006, as a 50-50 joint venture to hold and develop the land and buildings of the Shepperton Studios.  At that time, Aviva made a total payment of £30.5 million, comprising £10.5 million in cash and a long term loan of £20 million, to SSPP.  Since then, SSPP has invested some £9.8 million in new developments at the Shepperton Studios and achieved consistent earnings growth through optimising occupancy of the Studio’s soundstages and ancillary production facilities.

The acquisition of the 50% joint venture interest by Pinewood comprises a total cash payment to Aviva of £36.8 million and will give Pinewood, full control over the Shepperton site and future investment in the facilities there. Pinewood and the Shepperton Studios together accommodate 34 stages, 5 dedicated digital television studios and 5 digital presentation studios. The Pinewood Group's international network of Studios includes Toronto (Canada), Berlin (Germany), Iskandar (Malaysia), the Dominican Republic, Atlanta (Georgia, USA) and activities in China. The Group also offers financing to the UK film and television production as part of its growing range of services.

A cross-practice Travers Smith team, which advised Pinewood, was led by corporate partner Neal Watson, who was assisted by associate Aisling Scott. Additional specialist advice on the transaction was provided by partner Danny Peel and associates Chris Brooks, Barry Newman and Daniel Domb (finance), partner Sam Kay and associate Alexandra Cooke (investment funds), partner Tim Lewis and associate Danny Riding (financial services), partner Julian Bass  and associate Stuart Johnston (real estate) and partner Simon Yates  and associate Camilla Southall (tax).

Andrew M. Smith, Director of Strategy and Communications at Pinewood commented:
“Travers Smith deployed a first class multi-disciplinary team on this complex transaction, led by our key client relationship partner Neal Watson. We greatly value their contribution to the successful completion of the transaction, which will give Pinewood full control over the Shepperton site and future investment in the facilities there.”
 
Travers Smith’s relationship with Pinewood dates back to 2000 when the firm acted for 3i and management on the buy-out of Pinewood Studios from Rank. In 2004 the firm advised Pinewood on its listing on the Official List of the London Stock Exchange. Over the years, cross-practice teams at Travers Smith have advised Pinewood on a range of transactions including:

  * the acquisition of Teddington Studios
  * the setting up of the Shepperton Studios joint venture with Aviva Investors
  * the move to AIM and placing of new shares
  * the overseas film studios joint ventures in Canada, Germany, Malaysia and the US.