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Icelandic film director Baltasar Kormakur has acquired from the Reykjavik City Council land and buildings to convert into Hollywood-style film studios.

Kormakur acquired a former fertiliser factory and its surroundings in Gufunes, Grafarvogur, and the land is worth an estimated ISK 301M (€2.15M) according to RUV.

Kormakur plans to use the studio facilities to film his Viking project, which has been optioned by Working Title and Universal.

Kormakur’s planned film studios come at the right time as the local government intends to boost filming in Iceland by increasing the filming rebate from 20% to 25% next year.

Kormakur is a busy man – his The Oath was introduced to buyers in Cannes and pre-sold to multiple territories. In the film Kormakur directs and stars as a successful surgeon who tries to save his drug-addicted daughter. He has also just started shooting The Mayor, a new television series that is created and played by Jón Gnarr based on his real life experience as former mayor of Reykjavik. Kormakur is also currently working on season two of Trapped (season 1 pictured).