The wine business of Foster’s Group, Beringer Blass, has secured a 10-year leasing deal for the 107 hectare Northbank Vineyard in New Zealand’s Marlborough region, according to a report in the Australian Financial Review.
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The additional vines will provide 100,000 cases of wine for the group’s Matua Valley business when fully yielding in 2007, although as across New Zealand a poor harvest in size terms has constrained volumes this year.
The report also suggested that Foster’s is expected to move to 100% ownership of Matua Valley. It currently holds 67% of the company, with the Spence family and other shareholders holding the remainder of the group.
Foster’s first took a stake in Matua Valley in April 2001, when it paid A$9.3m for a 51% stake.
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