APN Outdoor last week announced its entry 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 said the deal ensured APN’s solid foothold in the Victorian market, where outdoor spans across digital billboards, transit, rail and more.
Herring also alluded to the opportunities many of the billboards present, allowing for strong digital conversion and 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.
“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,” Herring said.