10 May 2021 07:00
10 May 2021
Ocean Outdoor Limited
("Ocean" or the "Company" or the "Group")
Ocean Outdoor Wins Prestigious Outdoor Media Contract for St James Quarter Edinburgh
Ocean Outdoor Limited (LSE: OOUT), a leading operator of premium Digital Out-of-Home ("DOOH") advertising in the United Kingdom, the Netherlands, the Nordics and Germany, is pleased to announce that it has been appointed outdoor media partner for the prestigious St James Quarter £1billion regeneration project which is due to open in Scotland's capital city this summer.
Ocean was awarded the 10-year digital out of home advertising contract following a competitive pitch with a lifetime contract value of £25 million.
This represents Ocean's first contract with global asset management company Nuveen which part owns and developed St James Quarter, a 1.7 million square foot urban resort and global tourist destination in the historic centre of Edinburgh.
Edinburgh is a UNESCO World Heritage city which restricts opportunities to connect with consumers via out of home advertising. As a channel, Ocean's St James Edinburgh network will be irreplicable, offering advertisers unique opportunities to reach residents, visitors and tourists.
Under the terms of the contract, Ocean will have exclusive rights to sell and market the unique network of 35 digital screens including two large scale full motion locations. All of the screens will be located within the flagship development.
Ocean CEO Tim Bleakley said: "This is an exciting win which draws on the expertise of Ocean's content-led strategy, backed by technology and audience research, to provide immersive brand experiences and events which create a dynamic environment for residents, visitors and tourists. St James Quarter will revolutionise Scotland's retail and leisure offering and Ocean looks forward to playing our part in partnership with Nuveen."
This is Ocean's second major contract win in Scotland following its acquisition of Forrest Media in June 2018. In May 2019, the company was awarded long term agreements with City Property (Glasgow) Investments LLP, working in partnership with Glasgow City Council to redevelop and introduce new roadside and city centre digital advertising screens.
The addition of St James Quarter to Ocean's Scotland portfolio provides extensive cover via 125 screens across 66 city centre and roadside locations in three cities - Edinburgh, Glasgow and Aberdeen.
This ongoing investment meets demand for premium outdoor advertising space in a significant year for Scotland which sees Glasgow host four UEFA Euro 2020 games in June. The championship is Scotland's first appearance at a major finals since 1998 and the Ocean network has content rights to show highlights of selected games.
The year culminates in November when Scotland hosts the 26th UN Climate Change Conference COP26. An estimated 30,000 leaders and delegates representing 197 countries are expected to convene in Glasgow for the most important global climate event since the Paris Agreement 2015, putting Ocean's large format digital network centre stage as a branding platform and commercial opportunity.
COP26 is preceded by a four day TED summit to discuss climate change to be hosted by Edinburgh in October, giving delegates for both events an opportunity to visit St James Quarter.
A world class example of city-enhancing placemaking, St James Quarter will help move Edinburgh further up the UK retail rankings, from 13th to 8th, and will support the city's tourist industry, which contributes an estimated £260 million to Edinburgh's economy each year.
Anchored by John Lewis and more than 80 other leading retail brands, the landmark destination provides 850,000 square feet of prime retail space, restaurants, hotels, a cinema and private apartments on five floors.
ENDS
About Ocean Outdoor
Ocean operates some of the most prestigious digital out-of-home (DOOH) locations in the UK, Northern and Continental Europe. The Group portfolio includes 4,000 screens in seven countries and more than 350 cities.
In the UK, Ocean operates the most iconic DOOH locations including the BFI IMAX; the Landsec Piccadilly Lights; and has a significant presence in the top 13 UK cities. Ocean's high-profile landlords and partners include Birmingham, Manchester, Glasgow and Southampton City Councils, Landsec, Unibail-Rodamco-Westfield, the BFI and Intu. A continued focus on Ocean's Digital Cities for Digital Citizens philosophy has significantly augmented the Group's position as an operator of high quality DOOH assets. Ocean continues to deliver good organic development through new City tender wins, the rollout of new locations in Scotland, London, the West Midlands and Manchester and significant screen investment.
Strategic acquisitions that complement the existing DOOH portfolio remain a strategic pillar of the growth programme. This continued with three Dutch acquisitions in spring 2019, giving the company a significant share of the Netherlands market where it has become a major DOOH player. These subsidiaries have since been rebranded as Ocean Outdoor Netherlands.
In September 2019, Ocean acquired the assets of Visual Art, a Sweden based independent, pure-play DOOH media and tech group which operates in three Nordic countries (Sweden, Norway, Denmark) and key cities in Germany. This transaction expands Ocean's portfolio across 23 Unibail-Rodamco-Westfield shopping malls in Europe, in addition to holding the exclusive external rights to two of the largest premium urban shopping malls in Europe: Westfield London and Westfield Stratford in the UK.