The firm has been snapping up premium vineyards in South Australia this year in a bid to own all the vineyards that cater to its luxury wine portfolio.
It said the latest purchase is an “exciting development” because “cooler climate regions lend themselves to premium quality fruit and also hold appeal from a longer term sourcing and climate change perspective”.
White Hills has 83ha of planted vineyards on a 116ha estate and features Pinot Noir, Chardonnay, Sauvignon Blanc, Riesling, Pinot Gris and Gewurztraminer grapes.
Chief executive David Dearie said: “Our commitment to Tasmanian wine is already strong, with the region home to some wonderful brands in our portfolio – Heemskerk and Abel’s Tempest. It is also an increasingly important source of fruit for Penfolds, so I’m particularly excited to be increasing our investment in Tasmania at a time when the region is becoming better known and much sought after around the world.”
He added: “The acquisition of White Hills supports our long-term strategy of owning or controlling vineyards that supply grapes for our luxury wine portfolio. Over the last 18 months we have invested heavily in premium grape and wine production capacity globally, and this is a logical next step.”
The terms of the purchase remain confidential and settlement on the White Hills vineyard purchase is expected in late July 2013.
Treasury currently owns and manages more than 11,500ha of vineyards in Australia, Italy, New Zealand and the United States.