US: Vintage Wine Trust seals acquisitions worth US$13.4m
Vintage Wine Trust has bought two wine properties in California for a combined US$13.4m.
Vintage Wine Trust, a Californian property company specialising in the wine industry, acquired the Hopland Winery and Vineyard from Ste. Michelle Wine Estates for around US$6.2m. The San Rafael-based group also bought the San Mateo vineyard for around US$7.2m.
Under the deal announced yesterday (3 April), wine producer Weibel has agreed to a six-year lease of the Hopland facility, located near Hopland in Mendocino County. The vineyards are planted to Cabernet Franc and Sauvignon, Zinfandel, Syrah and Barbera vines.
The acquisition also includes storage and modern processing facilities, a wine production plant and a winery with offices and tasting room. The facility can process over 5,000 tons of grapes a year and stores around 4,300 barrels.
The 667-acre San Mateo vineyard borders the San Joaquin river southwest of Fresno and is planted with 437 acres of mature table grape vines and 230 acres of Symphony and Muscat Canelli wine grape vines. The company has leased the property for seven years to an independent grower.
Joseph W. Ciatti, Vintage Wine Trust's chairman and chief executive officer, said: "We are pleased with these recent additions to our portfolio, as we continue to strategically invest in vineyards and processing facilities and lease these properties to strong operators."
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