Los Angeles based investor Commonwealth Real Estate LP is backing plans which will be known as Shinfield Studios.

The complex is expected to open in late 2022.

Professor Robert Van de Noort, Vice-Chancellor of the University of Reading, said: “We are delighted that this agreement has been reached, which will bring welcome significant Hollywood investment, creativity and job opportunities to Reading, Wokingham and the wider Thames Valley.

“This lease presents a superb opportunity for the University and facilitates an exciting development for the wider community, and we look forward to Commonwealth bringing their vision to life.”

Nick Smith, Managing Director of Shinfield Studios, said: “Britain has an enviable array of filmmaking talent, but the industry is short of high-quality studio facilities capable of catering for the new and emerging technologies that will form the core of television and film production in the future.

“This development costing over £200 million will create a new powerhouse of creative production and new talent, as well as generating up to 3,000 new jobs.

“Completing this exciting transaction is a big step forward and we look forward to ongoing consultation and engagement with all local stakeholders as this project advances.”