PWS.L Regulatory News (PWS)

20 Dec 2007 07:01

Pinewood Shepperton plc20 December 2007 20 December 2007 Progress of the Media Park Development Strategy Pinewood Shepperton plc is pleased to announce a formal agreement withTechnicolor Ltd to relocate its UK headquarters and operations to PinewoodStudios. This marks a significant step forward in the Group's master planninginitiatives and is an encouraging early result of our recently launced marketingcampaign for pre-lets at the Group's Studios. We will continue to actively pursue prospective media tenants who recognise the significant benefit in relocating to the Pinewood and Shepperton media clusters. Technicolor Ltd, a subsidiary of Thomson S.A., is one of the world's leadingproviders of creative and processing services to the worldwide film industry. A purpose built building of 42,000 sq ft entirely for Technicolor will shortlystart construction with completion by the autumn of 2008. Pinewood will befunding the construction cost from its existing resources. The building on thewestern boundary of Pinewood Studios will comprise three floors with a mix ofcommercial and office space designed to support the digital and film processingTechnicolor undertakes in the UK. This state of the art building will represent a significant commitment to the future of creative industries at Pinewood Studios. Ivan Dunleavy, Chief Executive, Pinewood Shepperton plc, said: "The signing of this agreement with Technicolor is especially pleasing being notonly a significant step forward for our Masterplan but also further underliningthe attractiveness of our studio sites as clusters for the creative industriesfor the future. We continue to make steady progress on our strategic aim ofdiversifying our business through growing our television and media parkrevenues." Enquiries Brunswick Group 020 7404 5959James Olley / Dominic McMullan This information is provided by RNS The company news service from the London Stock Exchange