Bahrain Sovereign Fund in Talks to Invest $200 Million in Italy’s Tuscany Film Studios (EXCLUSIVE)
variety.comNick Vivarelli International Correspondent A Bahrain sovereign wealth fund is in advanced talks to invest €200 million ($213 million) in Italy’s nascent Tuscany Film Studios, which are being built by producer Andrea Iervolino just outside Florence.
The technologically-advanced production complex, boasting a large set with a virtual water tank, an immersive 360 studio for live-action productions, a 250-acre backlot and a luxury hotel with a movie theater, is being built in the municipality of Impruneta in the Chianti countryside about 20 miles outside of Florence.
Iervolino, who was recently at the Venice Film Festival as a producer of Michael Mann’s “Ferrari,” announced in August that he was investing €50 million ($53 million) in the Tuscan facilities.
The studios’ business plan now envisions a more than €300 million investment, according to sources. Sidney Wheatley, who is chief investment officer of Mashael Group — an independent petroleum trading and investment group owned by Sheikh Mohamed Bin Salman Bin Abdulla Al Khalifa of the Kingdom of Bahrain — confirmed in a text message to Variety that “our family office is currently evaluating the possibility of investing around €200 million” into the studios.
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