Treasury Wine Estates Limited
(ASX:TWE) has bought its first Tasmanian asset, White Hills vineyard, from Brown Brothers for an undisclosed amount, according to media reports.
The acquisition will see White Hills' premium grapes added to Treasury's best Penfolds' white wines to lift its cool-climate credentials.
Treasury previously flagged it wants to push into the higher end of the market, domestically and internationally.
Treasury's global chief supply officer Stuart McNab told media the acquisition complemented the group's long-term strategy of controlling vineyards that produced grapes able to boost its luxury wine portfolio.
Treasury generated a net profit of $52.4 million in the first half of the 2013 financial year.
