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Vintage acquires Californian vineyards

Published:  23 July, 2008

Vintage Wine Trust, a real estate investment trust, has acquired two vineyards located in California's Lodi and Yolo county growing region for a total of $9million (4.4m)

The trust bought the 283-acre Sparrowk vineyard east of Lodi in San Joaquin county for $4.2m (2.07m). The vineyard produces primarily Zinfandel and Cabernet Sauvignon.

The 422-acre Dunnigan vineyard, located southeast of the town of Dunnigan in Yolo county, was acquired for $4.8m (2.37m).

The 278-acres are home to Pinot Grigio and Chardonnay as well as 120 acres ready to be planted.

Vintage Wine Trust expects said the unplanted acres could be used to "satisfy the high demand for white varietals" and plans to plant the grapes by the spring of 2008.

The seller, Sirius Vineyards said it will lease back the vineyards at the end of December 2009.

"This latest acquisition expands our exposure to attractive grape varietals such as Pinot Grigio and Chardonnay," Joseph Ciatti, chairman and chief executive officer of Vintage Wine Trust.