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Crédit Agricole to sell off Bordeaux estates
French bank and vineyard owner Crédit Agricole has announced it will be selling off two of its Bordeaux estates in order to focus on its three main properties.
The CA Group announced it was looking for buyers for Château Blaignan in the Médoc and Château La Tour de Mons in Margaux.
The former estate was acquired by CA in 2004 and covers 97 hectares, there has been substantial investment in the property including a new vat room in 2010.
The latter estate, meanwhile, was first acquired in 1995 and covers 58ha. There has likewise been a good deal of investment in its vineyards and cellars.
As CEO Christophe Blancy said in a statement, the sales of the two estates will be, “reinvested directly as minority financing (buyout capital or growth capital) for Crédit Agricole Group customers.”
CA Group is holding on to three other properties, the Pauillac fifth growth Château Grand Puy Ducasse, Château Meyney in Saint Estèphe and Château de Santenay in Burgundy.
It was also announced that a “vast investment programme” was due to take place at Grand Puy Ducasse not only to improve the quality of its wines with a new vat house and winery due for completion in 2021 but also “strengthen the estate’s environmental measures and develop wine tourism”.