By Amy Looker
Foster’s Group has sold a further eight vineyards in its wine asset disposal program, following the sale of vineyards in NSW and Victoria last month.
Totaling 531 hectares, all eight properties are located in South Australian, and include Blewitt Springs and Tamar in McLaren Vale, Gales and Tolleys in Padthaway, and Partalunga at Mount Pleasant.
The buyers have not been named but settlement is expected to take place over the next few weeks.
Foster’s wine asset disposal program was established on the back of recommendations released in February that found Foster’s should sell 26 vineyards in Australia and California and sell off or shut down 37 of its smaller wine labels.
The wine and brewing giant is also currently debating whether to sell a further 13 wine brands as part of its divestment program. Its Kangaroo Ridge wine brand was one of the first to go when it was offloaded by the company in August.
Last month Foster’s confirmed that the first sale in its winery asset disposal program would go ahead, with wine industry stalwart and Rosemount founder, Bob Oatley, buying back the Cumbandry vineyard he sold off in 2002.
Foster’s shares were at $5.54 at 2pm today, down from $5.61 seven days ago.