Insite has acquired 5 landmark outdoor advertising sites worth £4m in the last month.
They include two digital development sites; one on the motorway network in the Midlands and one on the A13 close to the Olympic site and London City airport. Insite obtained planning consent for these new tower-mounted digital displays. Both sites are expected to be operational by April 2012 in readiness for the Olympics.
Insite has also acquired the "Saints" site on the 12-lane M25 by Heathrow's Terminal 5. This is one of the most sought-after sites in the London area owing to its scarcity and the 6m vehicles that pass the site every month.
The two other sites are both located on London's North Circular Road; one in Edmonton now let long-term to Outdoor Plus (see photograph below) and the other in Ealing now let long-term to Clear Channel.
The funding was provided by Close Brothers, the largest independent fully quoted merchant bank in the UK, who has now increased its investment in Insite for the fourth time since first investing in July 2009. Insite also has a substantial undrawn credit line within its £25m facility with Lloyds Banking Group and this will be used for further acquisitions throughout 2012.