Thomson Geer’s National Property team recently finalised an acquisition of a number of Vineyards in NSW and South Australia by Hong Kong listed group, CK Life Sciences. The Vineyards were acquired from the McWilliam’s family, one of Australia’s oldest wine making families.
The vineyards were acquired for $15 million and comprised of 700 hectares of land and 650 hectares of planted vines, as well as substantial water entitlements held through shares in Murrumbidgee Irrigation Limited. The transaction was structured as a sale and lease back with McWilliams entering into 15 year leases for both the NSW and SA vineyards.
This transaction sees CK Life Sciences add Hanwood, Station Block and Coonawarra Vineyards to its significant Australian vineyard portfolio. The portfolio includes the recently acquired Vineyards at White Road, Griffith which it acquired in November last year for $4 Million. The White Road vineyards acquisition was conditional on the vineyards being leased to winemaker Casella, and on Casella entering into lucrative five-year wine grape purchase contracts with CK life sciences for other Vineyards. Our firm also advised CK Life Sciences on the White Road Griffith Vineyards transaction.