SEVEN FIELDS SELLS THREE VINEYARDS IN SOUTH AUSTRALIA
Written on the 3 August 2016
KINGSTON Estate Wines has acquired the 252ha New Residence vineyard in South Australia's Riverland region for an undisclosed amount in a deal negotiated by Colliers International's Tim Altschwager and Nick Dean on behalf of Seven Fields.
New Residence Vineyard is just outside Loxton (pictured), with about 36.4% of the vineyard planted to red varieties and 63.6% planted to white varieties. The vineyard was developed in 2001 and planted to 233ha with the balance of the land comprising headlands, formed internal roads and shed curtilage."We received significant interest from both domestic and international investors and existing wine industry participants who were looking to secure or significantly strengthen their position in the Australian wine industry," says Altschwager.
New Residence vineyard was one of three large commercial vineyard investment properties managed by Seven Fields that were put to market through Colliers International."The portfolio also included the Conundrum vineyard in the Riverland region and the Howcroft Estate vineyards in the Bordertown wine region," Altschwager said. "The Conundrum vineyard is currently under contract and the Howcroft vineyard was sold to Casella Wines in December 2015.
Dean said the Riverland region was Australia's largest producer of wine grapes, responsible for about 30% of the national grape crush annually.Seven Fields is an Australian, family-owned company that grows, packs, and markets premium fresh produce. As well as owning and operating its own farms, Seven Fields is also a service provider to owners of other agribusinesses.