WMG / Jack the Giant Slayer

The beanstalks create a trans-dimentional portal effect

That would explain how the giant's islands haven't been found in modern times.

The movie takes place in the same setting as Willow

That was actually Willow Ufgood at the theatre. Cloister is Daikini kingdom.
http://tvtropes.org/pmwiki/pmwiki.php/WMG/JackTheGiantSlayer