US: Vintage Wine Trust buys another vineyard
Vintage Wine Trust has acquired another vineyard in northern California.
The US company confirmed yesterday (2 August) that it had bought the Sweetwater Vineyard in Monterey County from Silverado Premium Properties. Sweetwater will lease the 1,145-acre vineyard for seven years, VWT said.
Terms include three five-year renewal options and an annual option to repurchase the vineyard beginning in the seventh year of the lease term and continuing until 2021.
The land cost VWT US$30.1m and is adjacent to its Terra Ventosa vineyard.
The 903 planted acres include Cabernet Sauvignon, Pinot Noir, Pinot Gris, Chardonnay and Syrah, with a majority of the crop being sold under long-term contracts to premium wine producers.
"We are very pleased to add this vineyard to our portfolio, given the superior location coupled with the astute enhancements recently made to the property. With the closing of this transaction, we have deployed over US$140m of capital into growing our asset base over the last sixteen months." said Joseph W. Ciatti, VWT's chairman and CEO.
Mark Couchman, Silverado Premium Properties' president added: "We appreciate the liquidity that Vintage Wine Trust has provided, allowing us to re-direct our investment in this large vineyard towards additional opportunities."
VWT owns nine properties, consisting of two winery facilities and seven vineyards totalling over 5,700 acres in California.
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