By Euro Weekly News Media • 10 February 2015 • 12:30
AUCTION: Film studios will go to highest bidder.
THE sale of the Ciudad de la Luz film studios in Alicante has been authorised by the European Commission. Apart from the training centre, which will remain the property of the government, and an office building, the complex will be auctioned off in six lots.
Vice-president of the Generalitat regional government, Jose Ciscar, said priority is given to the most advantageous offer from the economic point of view, either for the total complex or for separate lots.
Ciscar explained that the government had noted the interest of several companies to seize these facilities and had assured them that they will be able to enter a bid. It had previously been reported that an American investment group, led by director Francis Ford Coppola, was interested in buying the Ciudad de la Luz.
The decision to sell the complex was made by the European Commission, resulting in the inability of the Ciudad de la Luz to repay the state aid invested by the government in the studios.
The decision to auction the complex in batches has been determined as there is no specific procedure in law for the recovery of state aid so a public auction is applied.
Ciscar said the film studios will “continue to be an asset that will generate wealth and employment for Valencia.” In the last six years it has been used in the filming of 64 movies, helping create a revenue of €194 million, 5,300 jobs and 160,000 overnight stays.
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