US: Vintage Wine Trust closes two more purchases

By just-drinks.com editorial team | 6 August 2007

Vintage Wine Trust has completed two vineyard acquisitions in the US.

The California-based real estate investment trust said today (6 August) that it has bought the 283-acre Sparrowk Vineyard and 422-acre Dunnigan Vineyard in the state for a collective total of US$9m. The seller, Sirius Vineyards, will lease back the vineyards from Vintage until the end of 2009.

"This latest acquisition expands our exposure to attractive grape varietals such as Pinot Grigio and Chardonnay," said Joseph Ciatti, Vintage Wine's chairman and CEO. "We believe both properties are well-positioned to benefit from improving fundamentals in the Lodi and Yolo County growing regions and will prove to be good growth vehicles for our REIT in the future."

Vintage Wine owns ten properties, consisting of two winery facilities with vineyards and eight vineyards totalling 6,083 acres, located in various wine regions in California.

Sectors: Wine