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Havens Wine Cellars For Sale After Billington Defaults on Lease

Napa Valley’s Havens Wine Cellars, is for sale after its current owner —¬† Billington Imports¬† — defaulted on its lease terms to Entertainment Properties Trust (NYSE: EPR). Billington has been in default on the winery property for more than two months. A spokesman for VinReit — a unit of EPR — said Billington is being allowed to continue operations at the facility in hopes of maintaining value in both the property and the brand.

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HAVENS IS EPR’S SECOND DEFAULT

Ironically, Havens was the first sale/leaseback financing deal that EPR conducted, according to Wine Industry Insight’s interview with CEO David Brain.

Another EPR investment, Cosentino Winery, defaulted on its lease earlier this year. Click here for more information on that situation.

REAL ESTATE AND EQUIPMENT FOR SALE, BRAND AVAILABLE AS WELL

The winery’s real estate and equipment are formally owned by Havens VinReit, LLC. As of March 14, 2008, the Napa County Assessor’s Office valued the property at $7,797,79.

In addition, the brand is also available according to Mike Fisher of Global Wine Partners which is a consultant to EPR and a part-owner of the VinReit operation.

The property includes a 10-acre parcel, permitted to 50,000 cases of wine production, with private tours and tastings. Seven acres are planted to vineyards. The sale includes 35,000 cases of crush, fermentation and storage equipment.

The structures include 12, 610 square feet of building space comprised of a tasting room, fermentation and barrel storage areas, a lab, and offices.

The property is located within the Yountville and Napa Valley AVAs. The vineyard was developed in 1997, and planted to Syrah and Cabernet Sauvignon. In 2007 3 acres of the Syrah were grafted over to Cabernet Sauvignon and Cabernet Franc. Yields range from 3 to 5 tons for Cabernet Sauvignon and Syrah and 2.5 to 5 tons for Cabernet Franc.

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