Treasury Wine Estates has acquired Accolade Wines’ Beenak Vineyard in the Yarra Valley reportedly paying $7 million for the 55 hectare property.
This latest acquisition follows TWE’s US$315m acquisition of Frank Vineyards in California last year. Frank’s is one of the top two producers of premium Chardonnay in the United States.
Accolade Wines listed Beenak Vineyards for sale with Langley & Co and confirmed that the vineyard had sold sale to TWE, telling Drinks Trade: “We can confirm that we have sold the Beenak vineyard in the Yarra Valley due to an oversupply of grapes from these vineyards within our business.”
TWE is also making wine in Bordeaux and China, including its country of origin Penfolds brands which are also being made in California. Now, the only missing jewel in the TWE crown is a Champagne house.
TWE’s CEO Tim Ford told the AFR on Sunday: “Vineyards producing Pinot Noir are of particular interest as we respond to the very strong consumer demand for our Coldstream Hills and St Huberts brands. The opening of our new cellar door at Hubert Estate [in nearby Coldstream] has further enhanced demand for cool climate wines in the portfolio.”
Beenak boasts 55 hectare of vineyards planted with 45 hectares of Pinot Noir and Chardonnay grapes and the sale included 71-megalitre water entitlement, a residence and sheds.