- Release Date: 06/05/15 09:23
- Summary: ASSET: DGL: Acquisition of Hawkes Bay Land to Support Long Term Growth
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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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