Trainer sells outdoor advertising sites
Chris Trainer has sold the majority of his Forrest Group outdoor advertising sites to Wildstone Capital.
The sites represent the largest privately-owned portfolio of out-of-home advertising locations in the UK.
Mr Trainer said the sale would boost Forrest’s ability to “take advantage of opportunities that will no doubt emerge in the developing economic climate.
“The disposal of a significant part of our media portfolio following an attractive offer from Wildstone makes commercial sense at this time.”
The sale follows the offloading of the company’s Forrest Media business to London-based media company Ocean Outdoor for £32m in 2018.
Following that deal Forrest retained ownership of its outdoor advertising sites, with its securities division leasing the properties to Ocean on a long-term basis.
The sites are based in Glasgow, Edinburgh, Newcastle and Manchester. A further portfolio of sites leased by Forrest to Clear Channel Outdoor was included in the Wildstone sale.
Forrest owns the Radisson RED hotel next to the Hydro in Glasgow, which opened in 2018 following an investment of £30 million. Mr Trainer said further investment in the sector is likely.
Wildstone has grown rapidly across Europe in the last three years, and recently acquired Dutch digital company Power Tower.
Jonathan Chandler, managing director of Wildstone, said: “Working with Chris and the Forrest team on this acquisition has been an absolute pleasure. He has established a fantastic portfolio and we are delighted to be the new guardians of these landmark sites.”