Treasury Wine Estates has confirmed plans to offload three vineyards in South Australia, across 1,632 hectares of land.
The largest, Markaranka Vineyard in the River Murray region, is a 1,298-hectare plot with 157 hectares of “established” vineyard plantings. The Penfolds brand owner told Global Drinks Intel the vineyards produce “mainly dry commercial red and sparkling [grapes], as well as fortified”.
The second plot, formed by neighbouring vineyards Schultz and Lights, comprises 334 hectares of land located in Australia’s Wrattonbully wine region. Both plots are listed for sale with local firm Colliers Agribusiness.
Last month, the Melbourne-headquartered wine group hinted at plans for vineyard disposals in Australia as CEO Sam Fischer laid out his “transformation plans” for the business. These included simplifying operations “primarily in California and Australia” – a move that will see selected assets optimised, sold or retired.
The plans also include the intention to reduce the business’s portfolio from 76 brands to “less than 30”. Treasury said it expects ten brands – three “power brands” backed by seven “regional heroes” – to account for around 90% of its group sales “within five years”.
