Vintage Wine Trust has leased a vineyard to Jackson Family Investments.

The real estate investment trust said yesterday (13 July) that it has signed a ten-year lease on its Huichica Hills vineyard with JFI, which is an affiliate of Kendall Jackson Wine Estates. The lease has a base vineyard value of US$31m.

The company originally purchased the vineyard, located in the Carneros region of both Napa and Sonoma counties, for US$30m and leased the property back to Constellation Wines for a term of two years. The new lease replaces the current one, which was due to expire at the end of the year.

"We are thrilled to enter into this lease on our Huichica property with such a well-respected producer of super premium wines," said Joseph W. Ciatti, Vintage Wine Trust's chairman and CEO. "This transaction demonstrates our ability to enhance our growth strategy through improved leasing opportunities."