QMS Media has signed an asset sale agreement with Total Outdoor Media. Under the terms of the deal QMS will acquire up to 39 large format billboards throughout Victoria at a cost of up to $14.5m. The assets will be acquired over time with the deal to finalise no later than December 31, 2017.
The average lease on the Total Media sites is more than 10 years. QMS reports the transaction will be funded by existing cash and debt facilities.
QMS managing director Barclay Nettlefold said: “The Total Outdoor Media assets strengthen our portfolio of premium outdoor media by expanding our network of landmark digital billboards, improving our metropolitan reach in Melbourne and giving us a strong, strategic presence in key regional Victorian markets.”
Melbourne property veteran Michael Buxton is the chairman of Total Outdoor Media and Ged Hart is the managing director.