Castel offloads Bordeaux estate to Changyu
French drinks group Castel has confirmed the sale of a majority stake in Bordeaux estate Château Mirefleurs to its Chinese partner, Changyu.
The transaction, announced earlier this week, sees Castel retain a minority stake in the property. While the French company declined to give stake size information, just-drinks understands that Castel now holds 10% of Mirefleurs to Changyu's 90%.
Financial details behind the move were not disclosed.
Yvrac-based Château Mirefleurs, which Castel had owned since 1970, comprises nearly 40 hectares of vineyards and produces Bordeaux Supérieur appellation wines under the Château Mirefleurs and Château Techeney brand names.
"This operation is an extension of the close links forged between Castel and Changyu since 2002," a spokesman for Castel told just drinks today.
The pair have two shared operations in China: Castel has a 51% stake in the Castel-Changyu winery in Langfang, and 30% of Château Changyu-Castel - 135 hectares of vineyards in Yantai in Shandong province.
"Changyu's is keen to develop into French wines and owning a Bordeaux estate is a big selling point in China," the spokesperson added. "It will also enhance the group's image internationally.
"For us, the sale balances up our Château and Domaines portfolio, which now comprises two Bordeau Supérieur appellation estates and two with the standard Bordeaux appellation."
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