New Foley vineyard

An NZX-listed Marlborough-based wine company has received approval to purchase a 55ha vineyard in Central Otago.

In October last year, Foley Wines Ltd announced it had entered into a conditional contract to buy Zebra Bendigo Flat Vineyard from Zebra Vineyards, subject to Overseas Investment Office (OIO) approval.

Yesterday, Foley Wines told the market the OIO had approved the purchase, but did not disclose the value of the deal.

When it initially announced the purchase, Foley Wines said it was financing the deal through the Bank of New Zealand.

The Bendigo vineyard has a total area of 55.5ha, of which 30.5ha is used for pinot noir, and there is about 12.5ha of bare land.

Foley Wines owns multiple other vineyards throughout the country, including Mt Difficulty, also in Central Otago.

The deal was subject to OIO approval because the company’s major shareholder was Bill Foley, a major investor in the US wine industry.

Foley Wines chief executive Mark Turnball said the vineyard would secure high quality fruit supply for its Roaring Meg brand.

The company’s shares were trading at $1.52 a share yesterday afternoon, no change from Tuesday’s close price.

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