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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.