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TPG Acquires Cinespace Studios in Chicago and Toronto
TPG Real Estate Partners (TREP) said Friday it had acquired Cinespace Studios in Chicago and Toronto. Although deal terms weren’t disclosed, Crain’s Chicago Business put the sale price at $1.1 billion.
“Consumer appetite for original content is a growing secular trend that has accelerated through the pandemic, leading to a dramatic increase in the demand to produce new films and television and in turn, a surge in the need for studio space,” said Avi Banyasz, partner and co-head of TPG Real Estate.
As part of the acquisition, Eoin Egan and Keith Gee will join Cinespace as co-managing partners and COO and CFO, respectively. Both have significant experience building and scaling businesses. Cinespace intends to grow its employee base at each studio as a result of the transaction.
JLL served as financial advisor to TREP. Eastdil Secured provided financing advisory to TREP for the transaction.
- ◦Sale/Acquisition
