Seely increases stake
Friday 11 January 2013 by Jane Anson in Bordeaux
Quinta da Romaneira, one of the Douro Valley's largest estates, covering 400 hectares with 85 hectares planted to vines, has been sold by investment group IDI.
'A great deal': Christian Seely in the Romaneira vineyard
The transaction was completed on December 31; the main buyer has not been named but it has been confirmed that AXA Millésimes chief Christian Seely has increased his personal stake, and will continue to run the estate, as he has done since IDI bought the property in 2004. Antonio Agrellos is to continue as consultant winemaker.
‘Christian Seely will remain managing director of AXA Millésimes and Quinta do Noval (the Axa Millésimes Portuguese wine estate) as well as managing director of Quinta da Romaneira, a position he already held under the ownership of IDI,’ Wine Bankers, the Paris investment specialist which oversaw the deal, confirmed.
The buyer is a private, non-Portuguese investor, and Seely himself remains a part-owner, increasing his personal stake. Seely confirmed that AXA Millésimes is not the purchaser.
The other shareholders have now sold along with IDI. The total sale price has not been released.
IDI invested €11.8m in the estate, renovating it and building a hotel which was voted in the world’s top 20 vineyard hotels by the Times newspaper in 2010. Over the past two years, in-bottle sales have tripled.
Single quinta ports from Romaneira were auctioned by Christie’s in 1872, the first recorded ports of this kind to be sold at auction. Today, Quinta da Romaneira produces award-winning AOC Douro and Port wines.
‘It has been a good deal for all the original investors, and a great deal for Romaneira,’ Seely told Decanter.com. ‘I am delighted to be associated for the long term with my new partner, and to be able to develop the huge potential of Romaneira in the years to come.’