Treasury Wine Estates has signed a deal with Brown Brothers to buy White Hills vineyard in Tasmania, Australia for an undisclosed amount.
Established in 2004 in Tamar Valley, the White Hills vineyard has 116ha of vineyards of which 83ha are planted with Pinot Noir, Chardonnay, Sauvignon Blanc, Riesling, Pinot Gris and Gewurztraminer grapes.
These vineyards expand the Treasury's existing portfolio of 11,500ha of vineyards spread across the globe, including Australia, Italy, New Zealand and the US.
Treasury Wine Estates CEO David Dearie said the company already has some strong Tasmanian based brands in its portfolio, while the state is also an important source of fruit for Penfolds.
"The acquisition of While Hills supports TWE's long term strategy of owning or controlling vineyards that supply grapes for our luxury wine portfolio," Dearie added.
"Over the last 18 months we have invested heavily in premium grape and wine production capacity globally, and this is a logical next step."
The transaction is expected to close by the end of July 2013.
