The Company has entered into a long term agreement with the Indomina Group, an investment managed by VICINI, a leading asset management company with investments in food and beverages, retail, energy, finance, tourism and real estate in the Caribbean and Central America.
The agreement is for the operation of new film and television studios to be built in the Dominican Republic. Pinewood will receive annual fees for its sales and management services and an equity participation which accrues over time from 2013. The construction will be funded by the Indomina Group. This new venture, ‘Pinewood Indomina Studios’ is expected to commence initial operations in 2012.
The state of the art film and television production facilities will initially comprise 5,000 sq m of sound stage space along with 15,000 sq m of associated production support facilities. The 35 acre site will include an 8 acre water effects facility including a 75m x 75m exterior water tank with natural ocean horizons, blue screen capabilities and a fully equipped diving and marine department. When completed it will be the only tank of its type and size in the region.
Construction of the Studios starts today (23 February 2011) with the ground breaking ceremony by the President of the Dominican Republic, Leonel Antonio Fernández Reyna.
Ivan Dunleavy, Chief Executive, Pinewood Shepperton plc 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.”