AUSTRALIA: Beston acquires A$3.45 in wineries
The Beston Wine Industry Trust to day announced that it had made two winery acquisitions for A$3.45m, and that it had leased the properties to the Australian wine group Evans & Tate.
Beston has acquired Oakridge Estate in Yarra Valley, Victoria for A$2.25m, and the Woods' Vineyard in Riverina, NSW for A$1.20m. The Oakridge Estate acquisition marks the Trust's first investment into the Yarra Valley region in Victoria, while the Woods' Vineyard investment also further diversifies the Trust's geographical spread.
These sale-and-leasebacks are the first leases struck with Evans & Tate, and will be for a term of 10 years with two renewal periods of five years.
Managing director of the Trust Chris Atkins, said, "These properties are of strategic value both for Evans & Tate and the Trust, as Evans & Tate has established a strong premium brand around the Oakridge property, and will grow the Barramundi brand for the Woods' Vineyard."
Atkins continued: "The acquisition timetable arising from the recent fully oversubscribed capital raising is on track, and these transactions mark the beginning of a strong relationship with Evans & Tate."
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