The Challenger Wine Trust (formerly the Beston Wine Industry Trust, then the Challenger Beston Wine Trust) was established on 19 February 1998, and was listed on the Australian Stock Exchange on 2 July 1999.

On 17 December 1999, the Manager, Beston Pacific Vineyard Management Limited was acquired by Challenger Financial Services Group (ASX: CGF), a publicly listed financial services group.

From 1 July 2004, the Trust undertook a rebranding to more closely align itself with Challenger Financial Services Group (ASX: CGF), the owner of the Responsible Entity and significant Unitholder of the Trust. This rebranding has seen the Trust's name change from the Beston Wine Industry Trust (former ASX Codes: BWI & BWIPA) to the Challenger Wine Trust (current ASX code: CWT).

The Challenger Wine Trust now owns and leases in excess of $305 million of vineyards and wine infrastructure assets.