AUSTRALIA: Evans & Tate completes vineyard sales
The property has been sold to the Beston Wine Industry Trust for A$8.1m and will be leased from Beston for 10 years with two renewal periods of five years each.
Franklin Tate, E&T CEO and chairman, said: "Access to the fruit on this property is strategically important to Evans & Tate but owning the property is not. The sale and leaseback was identified by Evans & Tate management prior to the Cranswick acquisition."
The company has also sold two other smaller vineyards recently. Wrattonbully Vineyard, a 34ha in the south east of South Australia was sold to AJ & PA McBride for A$2.2m. The 80ha Loxton Vineyard was sold to the Cockatoo Ridge Wines subsidiary Playford Wine Holdings for A$2.4m.
The funds form the sale of these two properties will be used to retire debt, the company said.
Australian wine company Evans & Tate has suffered acutely as grape oversupply and weak exports have combined to hit the Australian wine industry hard. David Robertson reports on the company's woes and...
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