This article is from the Australian Property Journal archive
CENTURIA Capital Group subsidiary Primewest has picked up six vineyards across eight South Australian properties in a sale and leaseback deal with Accolade Wines.
The non-contiguous land acquisitions and water assets were secured for $8.2 million on behalf of the Primewest Agricultural Trust No. 1 (PWAT1), taking its portfolio to 11 assets worth $115.2 million.
The estates provide nearly 75 hectares of planted vines. Water assets are held across nine separate entitlements and are irrigation sources that support the vineyards’ crop production.
“This was a rare opportunity to secure a viticultural portfolio across five well-regarded South Australian wine regions, famed for producing internationally renowned wine varieties,” Centuria head of agriculture, Andrew Tout said.
“Each estate is meticulously managed, with all vines hand-pruned; an element that facilitates in the production of ultra-premium wines such as St Hallett Blackwell Shiraz and the Petaluma Hanlin Hill Riesling, which recently received a James Halliday wine rating of 98/100.”
Among the vineyards are the 21.7-hectare Hanlin Hill in Clare Valley, planted to Malbec, Riesling and Shiraz, and the Resurrection Vineyard in the Barossa Valley that spans 17.6 hectares and is planted to Grenache, Mataro and Shiraz.
Portfolio Transactions
| Farm | Region | Planted Area (Ha) | Variety |
| Resurrection Vineyard | Barossa Valley | 17.55 | Grenache, Mataro, Shiraz |
| Evans Vineyard | Coonawarra | 15.31 | Cabernet Sauvignon, Merlot, Shiraz |
| Hanlin Hill | Clare Valley | 21.66 | Malbec, Riesling, Shiraz |
| Stobie | Clare Valley | 5.63 | Riesling, Shiraz |
| Clarendon | McLaren Vale | 9.13 | Cabernet Sauvignon, Merlot, Sangiovese, Shiraz |
| Petaluma Gores Road | Adelaide Hills | 5.67 | Chardonnay, Pinot Gris, Pinot Noir |
The portfolio acquisition is the second transaction between Primewest and Accolade Wines, following Rolf Binder simultaneously selling his brand to Accolade Wine and his Barossa Valley vineyard to PWAT1 last year. Accolade Wines leases the vineyard from the trust.
Accolade Wines’ brands include Hardy’s, Echo Falls, Grant Burge, St Hallett and House of Arras. The company is headquartered in Australia and its operations span 130 countries.
“The sale-and-leaseback arrangement for these well-cultivated vineyards provides Accolade Wines with capital to reinvest in our premium wine production,” said Matthew Adams, Accolade Wines’ general manager, strategy and transformation, adding that it locks in grape supply for flagship brands in its premium range.
The Accolade Wine portfolio transaction was settled in late July and was funded with existing cash reserves and debt.
Centuria branched into the agriculture sector following its merger with Primewest in July last year. It launched a new unlisted open-ended agriculture fund in June, seeded with a $177 million glasshouse in Victoria’s Warragul.
