By James Atkinson
McWilliam’s Wines has announced completion of a sale and leaseback initiative that aims to significantly reduce its borrowings.
The transaction involved selling two Coonawarra and three Hanwood vineyards to Belvino Investments, an Australian based investment company with significant agricultural holdings in Australia.
"We have signed long-term leases on all these vineyards and will continue to manage and operate these vineyards as we do today," McWilliam's said.
"A feature of the sale and leaseback will be a capital investment in the Coonawarra vineyards to improve long-term yields.
"This is great news for McWilliam's and allows us to focus on growing our brands and increasing our domestic and export sales."