US investors buy Marlborough vineyard
A not-for-profit financial institution in the US has gained OIO approval to purchase 274 hectares of vineyard in the Awatere Valley for NZD $23 million. The vineyard, known as Black Birch Vineyard, is partly leased by Villa Maria who will take over the whole vineyard by 2019 and until 2028 when the lease runs out.
The purchaser, Teachers Insurance and Annuity Association of America (TIAA) will buy a portion of the grapes from Villa Maria starting in 2018. They intend to develop the vineyard when Villa Maria’s lease runs out.