AUS: Foster's sells vineyard to Oatley Wines
Foster's Group has sold an 862-hectare vineyard to Oatley Wines for an undisclosed sum.
The Cumbandry vineyard near the New South Wales town of Mudgee had been used to supply fruit for the Rosemount label, and includes 500 hectares of Shiraz, Chardonnay, Merlot and Traminer grapevines.
The purchase, which is yet to close, will more than double Oatley's vineyard holdings, which currently comprise 468 hectares across seven properties.
The sale is the first major asset disposal by Foster's since it announced plans to shed 33 wine properties earlier this year, including 7200ha of vineyards. The small Beavis vineyard in Victoria's Yarra Valley was sold in August.
A tender process to sell each of the properties has now been completed and Foster's is negotiating final terms with potential buyers.
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