Treasury Wine Estate has appointed Colliers to sell its substantial Markaranka Vineyard in South Australia’s Riverland region, alongside its Schultz and Lights Vineyards in Wrattonbully.

TWE announced in June that it would sharpen its focus on luxury wine and cut more than 40 brands from its portfolio. CEO Sam Fischer is driving the company’s ‘TWE Ascent’ program, which is targeting $100 million per annum in cost improvements. These include simplifying its operating footprint – primarily across its production regions in the US and Australia.

Markaranka Vineyard is a 1298ha landholding incorporating approximately 157ha of established vineyard plantings, with extensive River Murray frontage. It produces fortified wines for TWE, such as Penfolds’ Father, Grandfather and Great-Grandfather ports. The property also produces grapes for commercial dry red and sparkling products.

A spokeswoman told the Australian Financial Review that TWE’s fortified program was not winding down and remained a key part of Penfolds and the broader luxury wine offer.

“We source fruit from company-owned vineyards and partnerships and that is not changing,” she said.

The Schultz and Lights Vineyards form a premium viticultural portfolio comprising approximately 334 hectares across six Certificates of Title. The offering includes approximately 223 hectares of established vineyard plantings, predominantly Cabernet Sauvignon, Shiraz and Merlot.

Expressions of interest for all properties closes on 24 July.