Crédit Agricole plans to sell two vineyards in France

Crédit Agricole has plans to divest its Château Blaignan in the Médoc appellation and Château La Tour de Mons in the Margaux region of Bordeaux, France.

Covering 97ha, the Château Blaignan asset was acquired by the bank in 2004. This property has drawn substantial investment, including a new vat room in 2010.

The 58ha Château La Tour de Mons asset was acquired by the bank in 1995 and has seen investments in its vineyards and cellars.

The divestment will enable Crédit Agricole to focus on its other assets, Château Grand Puy Ducasse in Pauillac, Château Meyney in St-Estèphe, and Château de Santenay in Burgundy. These properties are operated by Pauillac-based CA Grands Crus.

The bank plans to make a significant investment in Grand Puy Ducasse to construct new vat and barrel rooms by 2021, as well as new wine tourism facilities.

Crédit Agricole did not disclose the amount it plans to invest in these estates.

The bank’s CEO Christophe Blancy stated that cash proceeds from the divestment of the two estates will be “reinvested directly as minority financing (buyout capital or growth capital) for Crédit Agricole Group customers.”

Crédit Agricole is one of the leading lenders to France’s wine industry, and it is a minority shareholder in several wine firms.

Since 1995, it has been the owner of La Tour de Mons and expanded the property after the acquisition of Château Marsac-Seguineau in 2001.

It has also been the owner of Blaignan since 2004. Investments have been made on the vineyards and the cellars of these two estates.