Bodegas Muriel buys cellar housing 'legendary Rioja vintages'
- Thursday 17 April 2014
Muriel said this week that it has acquired the winery buildings, stocks, cellars and Conde de los Andes brand from the Paternina group. A fee was not disclosed.
The firm described the winery's 600 metres of underground cellars (pictured above), dating back to the 16th Century, as a 'core asset' in the deal.
'Lined along the walls, lie tens of thousands of bottles of wine, some of which of legendary Rioja vintages,' it said, adding that it intends to develop at least part of the cellars as a venue for wine tourism.
The deal also increases Muriel's access to high-end Rioja wines, which have seen increased consumer demand over the past year.
Paternina group produces around 250,000 bottles of Rioja reserva and gran reserva under the Conde de los Andes brand.
Volume sales of Rioja gran reserva wines increased by 17% in both Spain and export markets last year, to 5.87m litres, according to Wines of Rioja.