23 February 2011 Last updated at 14:55 ET

Pinewood Shepperton to open Dominican Republic studios

Image of proposed Pinewood Indomina Studios The site will include an eight acre water effects facility with 75 sq water tank

* Pinewood Shepperton profits fall
* Pinewood's £200m plans rejected
* What happens at Pinewood Studios

Pinewood Shepperton is opening film studios in the Dominican Republic to serve Latin America, it has announced.

The company, best known for its association with the James Bond films, will build a 35-acre site comprising 5,000 sq m of sound stage space and 15,000 sq m of production facilities.

It will also include an eight-acre water effects facility with a 75 sq m exterior water tank.

Construction will begin immediately and is expected to open early next year.

The water tank will also feature natural ocean horizons, blue screen capabilities and a fully equipped diving and marine department, making it the only tank of its type and size in the region.

Dominican politicians, including First Lady Margarita Cedeno de Fernandez and Foreign Minister Carlos Morales Troncoso attended the groundbreaking ceremony, which was led by President Leonel Fernandez.

"This represents further progress in Pinewood's strategy to leverage the strength of our brand internationally and specifically to the growing Latino film and television market," Ivan Dunleavy, chief executive of Pinewood Shepperton said.

Pinewood's plans to expand further in the UK and build a 100-acre site in Buckinghamshire were dealt a blow in 2009 after its application was rejected by the local council.

The £200m project would have seen the streets of New York, Paris and Venice recreated, as well as up to 1,500 new homes built.

The studios are expected to commence initial operations in the first quarter of 2012.

The new venture, which will see Pinewood receive annual fees for its sales and management services and is believed to cost anywhere from $30 million to $50 million (the venture is in the process of construction tender at present), comes as part of Pinewood's mission to develop the company's international strategy and extend its brand to other countries, which already include Germany, Canada and Malaysia.

Last month, Pinewood set up a sales office in Culver City, California, which will coordinate sales for its international ventures.

Speaking to Variety, Pinewood Studios Group commercial director Nick Smith and Indomina Group co-chairman and CEO Jasbinder Singh Mann said the new venture aims to service the growing Caribbean, Southern and Central American markets as well as Hollywood and the rest of the world.

"We're hoping Hollywood will come to the studios just by looking at the films that are currently going to Puerto Rico, with which we're competing," said Nick Smith, commercial director of Pinewood Studios Group. "The Dominican Republic will have a 25% tax credit, which applies above and below the line and is generous for any country. It is designed that way to put them on the map."

Singh Mann added: "What we wanted to do was create a sustainable business but also something that had local significance. It's quite a remarkable country with diverse typography and is visually incredible and culturally enriching. Plus, it's strategically in the heart of the Americas."

Pinewood and Indomina have been in discussions to set up the studios for a few years and both were actively involved in discussions for a tax credit offering for the country.

Contact Diana Lodderhose at diana.lodderhose@variety.com

Bond Studio Snaps Up A Sunshine Location



1:50pm UK, Wednesday February 23, 2011

James Sillars, Sky News Online
The home of the James Bond and Harry Potter movies is expanding the global reach of its studio operations by opening a new facility in the Dominican Republic.

Daniel Craig

Pinewood studios in Buckinghamshire are best known as the home of James Bond

Pinewood Shepperton says it is looking to cash in on the Latin American film and TV markets, which are currently believed to be worth over £2bn annually but are expected to grow strongly.

The 35-acre site will eventually house an eight-acre water effects complex, comprising a fully-equipped deep water tank, natural sea horizons and blue-screen technology.
A big sound stage will be the other main attraction for film-makers.

The joint project with investment firm Indomina Group is getting under way with a ceremony conducted by the Caribbean island's President.

Alien, Gandhi and James Bond in Thunderball

Pinewood has a rich movie and TV heritage over more than 70 years

Pinewood hopes to begin initial film operations in the Dominican Republic next year and says it will take fees and gradually increase an equity stake in the site.

It is another departure abroad for Pinewood.

The British firm has already created production centres in Canada and Germany and is building another in Malaysia.

Pinewood Shepperton: Key Points

:: The group has 3 UK studios, Pinewood, Shepperton and Teddington.

:: The original James Bond Stage at Pinewood was destroyed by fire in 2006.

:: Pinewood shares are currently worth 144p each - a rise of 3p today.

180 pinewood studios 007 stage fire james bond

Ivan Dunleavy, Pinewood's chief executive, said: "This represents further progress in Pinewood's strategy to leverage the strength of our brand internationally and specifically to the growing Latino film and television market.

"The Pinewood brand stands for excellence in the global film industry and we have strategically targeted regions of the world where significant incremental growth has been forecast."

"My name is Babosa. Diego Babosa. I'll have my Coco Loco, shaken, not stirred."

This is good news, as the local (DR) production companies will have to step up their game if they want to attract financing for their movie projects. The Vicini folks are heavily vested in this project, from what I understand, actually they are putting up most of the money.