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Ann: ASSET: DGL: Acquisition of Hawkes Bay Land to Support Long...

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    • Release Date: 06/05/15 09:23
    • Summary: ASSET: DGL: Acquisition of Hawkes Bay Land to Support Long Term Growth
    • Price Sensitive: No
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    					DGL
    06/05/2015 09:23
    ASSET
    PRICE SENSITIVE
    REL: 0923 HRS Delegat Group Limited
    
    ASSET: DGL: Acquisition of Hawkes Bay Land to Support Long Term Growth
    
    Acquisition of Hawkes Bay Land to Support Long Term Growth
    
    Delegat Group Limited announces that it has entered into an agreement to
    acquire an 838 hectare farm in the Crownthorpe region of Hawkes Bay from
    Hopkins Farming Group for $29.3 million.  The agreement will settle in May
    2016 and will be funded within the Group's long term bank facilities.
    
    Graeme Lord, Managing Director of Delegat Group says: "The Crownthorpe region
    of Hawkes Bay produces world class Super Premium wine grapes based on its
    ideal soil types and climate. The land to be acquired adjoins an existing
    Delegat vineyard which has delivered outstanding quality grapes consistently
    over the last decade. This significant land acquisition will enable Delegat
    Group to meet strong growth in global demand for its Super Premium wines
    including Oyster Bay Pinot Gris and Sparkling wine.  Delegat intends to
    commence planting progressively from spring 2017, enabling incremental sales
    growth from calendar year 2020 onwards. The land to be acquired has the
    potential to produce more than 550,000 nine litre cases of Super Premium
    quality wine per year when fully producing and is an important element of
    Delegat Group's long term growth strategy."
    
    "Delegat already has significant established vineyard areas in the famed
    Gimblett Road region of the Heretaunga Plains in Hawkes Bay, New Zealand's
    second most planted vineyard region.  Currently a new state of the art winery
    is under construction on the outskirts of Hastings and is due for completion
    in time for the 2016 vintage, this facility will be expanded as new vineyard
    plantings come on stream", said Mr. Lord.
    
    For further information please contact:
    
    Graeme Lord
    Managing Director
    Delegat Group Limited
    09 359 7317
    021 860740
    End CA:00263962 For:DGL    Type:ASSET      Time:2015-05-06 09:23:08
    				
 
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