Treasury Wines prunes around the edges

Treasury Wine Estates is stepping up plans to divert funds into higher returning assets with the sale of vineyards, vacant land and homesteads in Australia’s prime wine regions in the second tranche of a broader sell-off that will deliver a combined $10 million-plus. Treasury, the maker of Penfolds, Wolf Blass and Rosemount sold off six vineyards in October, 2015 to reap close to $6 million and has now put a second group of vineyards, excess land holdings and homesteads on the market which experts expect could fetch an aggregate total of up to $4 million.