Primewest in $15m Barossa vineyard play

Primewest is speculated to be picking up a collection of South Australian vineyards leased back to Rolf Binder, a business last month acquired by Accolade Wines.

The portfolio includes a 26 hectare grape farm with cellar door at the south west corner of Seppeltsfield and Stelzer roads, in Stone Well, the 18ha Western Ridge Vineyard, Binder Deans Vineyard (17ha) and Riedl Vines Vineyard (46ha).

Siblings Rolf Binder and Christa Deans offered the properties and 65-year old family enterprise separately; all up, the price expectation was c$25 million.

Accolade, which holds Hardys and Grant Burge, acquired the brands (story continues below).

Primewest is paying c$15m for the Barossa Valley and nearby Eden Valley real estate, the AFR is reporting.

The deal comes three months since the manager raised $60m for a new $350m agricultural fund.

The Perth-based group holds the ASX-listed Vitalharvest Freehold Trust – presently the subject of a takeover battle between Macquarie Agricultural Funds Management, and Roc Partners, and priced at c$322m.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco