Lions Gate studio complex put up for sale at $28 mil

Year's losses much higher than projected

VANCOUVER — Lions Gate Film Studio, which has enjoyed a lion’s share of Canuck runaway film production, is on the market for $28 million.

Despite operating at full capacity, and with a new, 20,000-square-foot seventh sound stage due to be completed next month, Lions Gate Entertainment Corp. of Vancouver has listed the 13.8-acre former North Shore Studio complex with commercial real estate broker Avison Young with a 10-year lease-back clause.

“We’re not getting out of the studio business,” Lions gate spokesman Peter Waal told Daily Variety. “We’re just getting out of real estate and returning to our core business, which is film and television production and distribution. We will still manage the facility.”

The purchaser of the North Vancouver studios, which were mainly developed in the 1980s, is likely to be a Los Angles company that does work here.

John Lecky of Avison Young said his firm will be marketing the property in both the United States and Canada. “We’re still in the process of working out our strategy,” Lecky said.

Last month Lions Gate reported a net loss on the year of $9.5 million, much higher than its earlier loss estimate of about $2 million. Poor performance of Lions Gate shares has added to speculation that the company may be in trouble.

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