TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Alfredo Romano, president of Castlepoint Numa Inc., announced today that Castlepoint has completed the sale of the remainder of its minority shares in Pinewood Toronto Studios (PTS) to majority shareholder Bell Media for an undisclosed sum.
Bell Media exercised its right to purchase the shares through a right of first offer.
“When we invested in Pinewood Toronto in 2009, following the Lehman Brothers crisis, it was incomplete, empty and insolvent,” said Mr. Romano. “After two expansions and now a third that is under construction, it’s been at virtually 100% capacity for several years. We leave with Pinewood Toronto in very good hands with Bell Media, Paul Bronfman and CreateTO. We’re very proud to have been part of this partnership.”
Said Paul Bronfman, chairman of Pinewood Toronto, “Alfredo has been a fabulous partner for over 11 years and I will miss him. He has added a tremendous amount of experience and wisdom to our partnership. As chairman of PTS, we all wish him only good things.”
Pinewood Toronto, located in the Port Lands, is the largest purpose-built facility in Toronto with 11 sound stages, including the 46,000 sq. ft. Mega Stage. It will have 16 sound stages and support spaces totaling over 500,000 sq. ft. when the current expansion is completed. Recent productions filming at Pinewood Toronto include Star Trek: Discovery, Molly’s Game, It: Chapter Two and Oscar winner Guillermo del Toro’s Scary Stories to Tell in the Dark.
Film and television production reached a record‐breaking $2.16 billion in Ontario in 2019, creating 44,540 full‐time equivalent and spin‐off jobs. “Demand for studio space in Toronto and other markets across North America is at an all-time high”, said Mr. Romano, adding that platform streamers such as Netflix and other Hollywood content creators have proven Toronto to be a premier location for filming.
About Castlepoint Numa Inc.
Castlepoint is a leader in the property development industry recognized for projects across the Greater Toronto Area and select markets in the United States. It is a values based company with expertise in heritage preservation, adaptive re-use, brownfield reclamation and the regeneration of large urban development sites. It was founded in 1988.
For further information:
Colleen Ryan
cryan@sussex-strategy.com
647-232-6867