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LONDON (Reuters) - British film studios Pinewood Shepperton Plc, home to James Bond and Batman films, is set to tap the growing Latin American film industry by opening a new studio in the Dominican Republic.
The company, whose studios have hosted more than 1,500 films over the last 75 years -- including blockbusters Casino Royale and Harry Potter -- is teaming up with film producer and distributor Indomina Group for the project.
Pinewood will get yearly fees for its sales and management services, and from 2013 an equity stake that will grow over time, it said in a statement on Wednesday.
Construction of the 35 acre site begins immediately and will be funded by Indomina, which is backed by VICINI, an asset management company with investments across a range of sectors in Central America and the Caribbean.
The new studio is expected to be up and running in 2012.
"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," said Pinewood's chief executive Ivan Dunleavy.
Reporting by Isabel Coles; editing by Paul Hoskins