Australian Vintage (ASX:AVG) has announced a new partnership with Warakirri Asset Management for the sale and leaseback of some of its commercial vineyards for $62.5M.

Australian Vintage says Warakirri is one of the largest and most experienced agricultural fund managers in Australia, managing assets for local investors as well as pension funds in North America and Europe.

It also says the two vineyards in the deal are Coldridge in Loxton, South Australia, and Grande Junction in Pomona, NSW - both commercial vineyards that produce 23,000 tonnes of wine grapes per annum.

Australian Vintage says the gross proceeds reflect more than double current balance sheet value, and that it will continue to manage, operate and offtake from the vineyards.