APN Outdoor has entered into an unconditional sale and purchase agreement with Adspace Outdoor Pty Ltd.
The acquisition secures 11 large format billboards and three development locations for up to five further large format billboards, all based in Victoria.
APN Outdoor’s CEO Richard Herring (pictured) confirmed that the acquisition of Adspace Outdoor further strengthens APN Outdoor’s foothold in the Victorian market where the outdoor providers boast inventory across the digital billboard, billboard, transit and rail environments. Herring also noted a number of the billboards are excellent digital conversion opportunities, complementing APN Outdoor’s existing digital pipeline.
APN Outdoor’s digital billboard portfolio, known as Elite Screens, currently encompasses 48 live sites across Australia and New Zealand with a strong pipeline for further digital development planned for 2016. This acquisition is cohesive with the direction of the company’s sustained and significant investment in the growth of digital outdoor across both sides of the Tasman.
Herring further commented: “It was a strategic move to secure these assets. They are quality sites with solid audience flow which is of paramount importance to us and as previously mentioned they offer digital conversion opportunities and we will actively seek to progress these throughout the New Year.”