News

AUSTRALIA: Beston buys in Riverland in $A15 million expansion plan

Most popular

The beer category in 2018 - Review

The beer category in 2019 - just-drinks predicts

'Healthy alcohol - the trend to watch in 2019?

Is craft spirits approaching a reset moment?

MORE

The Beston Wine Industry Trust has boosted its substantial vineyard Holdings, with a $A7.9m acquisition in the Riverland of South Australia. It is also planning to spend a further $A7.57m for two other vineyards.The Trust is part of the Adelaide-based Challenger Beston, the former Beston Pacific Group. Beston Pacific was acquired last December by Challenger International, the publicly listed investment bank and diversified financial group belonging to the business empire of Australia's richest man, Kerry Packer.Today's purchase, of 172.8 hectares of established vineyards at Waikerie will be leased backed to the sellers, consistent with Beston's practice, for 10 years.Beston is understood to now have about $A50m of the $A75m in investments it is targeting. It has previously bought from, and leased back vineyards to, Brian McGuigan Wines and Grant Burge Wines.It collectively has property in the Riverland and Barossa and Eden Valleys in South Australia, as well as in the Hunter Valley and Cowra in New South Wales.Managing director, Chris Atkins, said today that purchases of a $A5.8m vineyard at Gundagai, in southern New South Wales, and a $A1.87m vineyard at Langhorne Creek, 80km south east of Adelaide, were currently being finalised.The Trust was publicly listed 12 months ago after a $A12m float. Today's acquisition was funded by equity raised in April and May 2000 together with debt from the National Australia Bank Limited. Chris Snow


Related Content

"In the US, we don't sell a litre. Come on, have a go!" - Interview, Australian Vintage CEO Neil McG...

"Where is the next opportunity? It's in Asia. And, in Asia, the opportunity is China" - South Africa...

Why water will be more important than wine in the years ahead - Comment

Why water will be more important than wine in the years ahead - Comment...

Andorra, Argentina, Australia - International Wine Challenge 2016 gold medal winners

Andorra, Argentina, Australia - International Wine Challenge 2016 gold medal winners...

Oops! This article is copy protected.

Why can’t I copy the text on this page?

The ability to copy articles is specially reserved for people who are part of a group membership.

How do I become a group member?

To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on
+44 (0)1527 573 736 or complete this form..



Forgot your password?