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Vintage Wine Trust acquires Oregon vineyard

Published:  23 July, 2008

USA: The real estate investment trust bought Farmer Road Vineyard in Oregon's Willamette Valley for US$1.27million.

Vintage Wine Trust (VWT) is to lease the 45-acre vineyard to A to Z Wineworks, one of Oregon's largest wine producer.

The initial lease will run through to the end of 2016, with three five-year options to extend the lease, according to VWT.

The Oregon purchase came on the heels of two Central Valley acquisitions, announced earlier this month, worth US$9m.

Vintage now owns 13 properties, including two wineries with vineyards and 11 standalone vineyards. Overall, those investments are said to top US$156m.

The Farmer Road Vineyard includes around 40 acres that are planted now, and five acres that will be planted next spring, VWT said.

A to Z plans to use Farmer Road's pinot noir and chardonnay grapes in its own brands, including Rex Hill.

Joseph Ciatti, Vintage's chairman and CEO, said Oregon's increasing prominence as a wine-growing region made it "an appropriate place for us to make our first investment outside of California."

Ciatti said Vintage sees the small transaction "as just the beginning" of the company's expansion outside the Golden State.