Hunt for film studio investor begins as firm hired [Yahoo! Finance]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: Yahoo! Finance
The search to find a new investor willing to help finance the construction of a £450m film studio has begun. It is hoped Crown Works Studios in Sunderland will make north-east England a hub for the film and television industry, but its development hit a major hurdle when one of its investors pulled out Sunderland City Council has now hired real estate firm CBRE to find "operators, investors and developers" who can make the project a reality. Council leader Michael Mordey said the local authority and CBRE were "very positive and determined that Crown Works Studios will be delivered". "Our ambition has not wavered, so we will keep pushing forward," he said. CBRE is now working to identify a list of preferred operators and funding partners. The firm previously advised Sky on its partnership with Legal & General to deliver Sky Studios Elstree. The complex will be built on former shipyard sites on the banks of the Wear [Crown Works Studio] The development of Crown Works St
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