‘EastEnders’ Set Studio Sold and Leased Back by BBC to Meet Savings Target
variety.comNaman Ramachandran The BBC has sold its Elstree Centre property, which includes the iconic Albert Square set for long-running soap “EastEnders,” to global investment giant AXA IM Alts.
As part of the transaction, AXA IM Alts will lease part of the studio campus back to the BBC for 25 years. “The sale of the Elstree Centre site is part of an ongoing review of the BBC’s property portfolio in order to provide the best value for licence fee payers,” BBC CFO Alan Dickson said. “As part of the sale, the ‘EastEnders site’ has been secured on a long-term lease and Elstree will continue to be the home of Albert Square.” A transaction value was not disclosed but the BBC aims to secure £70 million ($89 million), Variety understands.
The BBC completed the rebuild of the Albert Square set two years ago four year late and at £87 million, £27 million over budget.
The deal has taken place at a time when the BBC is looking to find significant annual savings, currently estimated at £500 million.
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