Deal generates £16 million profit
The owner of Pinewood Studios has been sold.
Pinewood Group, in which the Isle of Man government owned a 4.99% share, has accepted an offer from French investment fund PW Real Estate, to the tune of £323 million.
It means the government has secured a profit of more than £16 million, after buying five million shares in the film complex in 2012 at £2.50 each.
Investment bank Rothschild led a strategic review of the sale earlier this year - PW says expansion remains the priority for Pinewood, and existing management will stay at the helm.
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