The real estate arm of the French insurance company Axa Investment Managers has agreed to purchase Bry-sur-Marne Studios, east of Paris, for €150m (£133m) and plans to double its filming capacity.
Bry-sur-Marne Studios was home to Sofia Coppola’s 2006 film Marie Antoinette, one of the Hunger Games series and this year's screen adaptation of Astérix et Obélix.
Louis Leveillé Nizerolle, head of transactions for France at Axa IM Alts, said: "Film studio space is still lagging behind, notably in Europe. We have conviction that it will be a long-lasting trend."
Bry-sur-Marne studios currently provides around 5,600 sqm of studio space across eight stages, ranging from 300 sqm to 1,100 sqm.
Axa plan to expand the site near Paris into one of Europe’s largest filmmaking facilities.
The "significant development programme" across the 12-hectare site will more than double the studio’s production capacity, and ultimately aims to compete with the UK for international productions.
The French government seeks to transform the country into a major international production and locations hub.
The government plans to double studio space and has earmarked €350m to spend through its Great Image Factory initiative.
John O’Driscoll, global co-head of real estate at AXA IM Alts, said in a statement: "This was a rare opportunity to acquire one of the largest studios in France, close to Paris' city centre, with good infrastructure and the option to extend the premises to meet rapidly growing demand.
"The investment also aligns with our purpose to deliver long-term value to clients; consolidated sites such as Bry-sur-Marne, which can house the entire content production ecosystem, are essential in accelerating the decarbonisation of the film industry.
"We have ambitions to significantly scale our studios real estate platform."