Continuous fermentation for the dynamic wine sector. The purchase of the iconic Boutari winery in Santorini by the Alpha Estate of Angelos Iatridis and Makis Mavridis opens a new chapter for the Amyntaios winery on the Greek and international wine scene, at a time when traditional “players”, such as Tsantalis Winery, are moving acne.
Alpha Estate, which is emerging as one of the major players in the new wine landscape in our country with a turnover of over 14 million euros, has acquired the visitable Boutari winery in Santorini from Premia Properties.
It is recalled that from 2022, when Boutaris came under the control of the Sterner Stenhus Greece group, with Ilias and Thomas Georgiadis as key shareholders, Premia, also of their interests, acquired the properties (estates, wineries, tourist facilities, etc.) of the historical winery, with the wine production belonging to the Hellenic Wineries company.
Why Premia sold the winery in Santorini
According to the management of the listed AEEAP, which rents the production facilities and vineyards to Boutari Winery S.A., from the first moment the properties in question were acquired, it aimed to expand into the wine tourism sector through the exploitation of some wineries. Santorini and Crete were among them.
However, according to sources close to the company, in Santorini due to the building ban there was no possibility of expanding the buildings at a time when there was a good offer from the owners of the Alpha Estate. That is why it was decided to sell the emblematic winery, after there was an agreement with the lessee (incl. Boutari Winery S.A.).
The price is 6.5 million euros
According to information, the price collected by Premia from the sale of the Boutaris winery in Santorini amounted to 6.5 million euros, obtaining a significant capital gain, as it had acquired the specific property at approximately 4 million euros.
It is worth mentioning that the Boutari winery in Santorini was the first winery to offer guided tours, tastings as well as cinema screenings and art exhibitions in its impressive white dome which has been voted as one of the 10 most important architectural wine buildings in the world, while the winery had been awarded for its architecture and aesthetics.
Expansion in Crete
Meanwhile in Crete, AEEAP proceeded with the renovation of the three suites, which operate in the winery there, with the company, according to information. to have launched an increase in their number in order to reach approximately ten, as the economic performance of the activity in question is moving strongly upward.
It is recalled that the company now has four wineries – after the sale of the one in Santorini – in Naoussa, Goumenissa, Mantineia and Crete, as well as vineyards of over 630 acres.
The vineyards are not for sale
In any case, Premia emphatically points out that there is no question of selling the vineyards, especially of Santorini, with Boutaris continuing its winemaking activity on the island, through the 60-acre vineyard in Faro Akrotiri, dominated by the Assyrtiko variety.
After all, “Santorini Boutari” is one of the two leading brands of historical winemaking.
The winery in Costa Navarino is moving forward
At the same time, the strategic cooperation of the listed AEEAP with TEMES is progressing, with the aim of developing the Navarino Vineyards vineyards.
In particular, the plan envisages the creation of a new winery of 4,000 sq.m. total investment close to 10 million euros which will be operational at the end of 2025 beginning of 2026.
“Through this partnership, our strategic goal of producing high quality Greek wine is strengthened. At the same time, wine tourism in Messinia will be developed in cooperation with the tourism investments of TEMES, which have upgraded the wider region”, says Mr. Kostas Markazos, managing director of Premia.
Hellenic Wineries S.A. will also participate in the investment plan. (member of the Sterner Stenhus group, main shareholder of Boutari Wineries and the main shareholder of Premia) for the production and commercial exploitation of the wines produced.
Tsantali’s question mark
At the same time, developments are expected with regard to the Tsantalis winery, with a 134-year history, which has filed for bankruptcy and suspension of payments at the Multi-Member Court of First Instance of Thessaloniki (this will be discussed on October 11).
Given that Premia, as well as Hellenic Winery, in which Giannis Antetokounmpo and his brothers participate through Ante, Inc. from 2023, maintain their interest in the rehabilitation of Tsantalis, there may be a hope to save the vision of the pioneer Evangelos Tsantalis.
According to Mr. Markazos, the company will express its interest through the bankruptcy process, while it remains open to out-of-court negotiations with the creditor banks of the historic winery.
Source: OT
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