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Hugh Martin reported in The Age on 15 October 2005 that the prolonged drought, an annual oversupply of grapes and heavy discounting by retailers is having little effect on investment in Australia’s wine assets, as seen by the $3.3 million paid last week for a 78-hectare vineyard at Yarra Glen, Victoria.
Privately owned winemaker De Bortoli Wines bought The Brooklands Estate, adding to what had been a bumper year for the sale and acquisition of wineries around the country, according to Colliers International consultancy and valuation state director Martin Reynolds.
Mr Reynolds, who conducted the deal, said much of the year’s activity had resulted from brewer Foster’s Group’s consolidation of wine processing operations after its merger with Southcorp.
He said the sale of Yarra Ridge Wines to Punt Road Wines earlier this year for more than $4 million, was part of the Foster’s consolidation, as was the $20 million sale of Beringer Blass Wine Estates Limited at Merbein to listed wine company McGuigan-Simeon.
Most of the deals this year have involved the sale of ex-Foster’s Group wineries, Mr Reynolds said.