The Irish Infrastructure Fund chosen as preferred bidder for The Convention Centre Dublin business
Statement from The Joint Official Liquidators of Spencer Dock Development Company Limited
Dublin, 10th February 2015: The Joint Official Liquidators of Spencer Dock Development Company Limited are pleased to announce that pursuant to a competitive sale process initiated in October 2014 and managed by their sole financial advisor, Rubicon Infrastructure Advisors, the Irish Infrastructure Fund (the “Fund”) (which is managed by Irish Life Investment Managers (“ILIM”) together with AMP Capital as the Fund’s infrastructure investment manager) has been selected as preferred bidder to acquire a group of related assets, which primarily consist of the following:
The CCD was developed as a public-private partnership with the Irish Government. It is a State-owned building and is operated under a concession contract that has 21 years remaining. The concession contract allows the licensee to collect a performance-based payment for the proper maintenance and operation of the building along with trading revenue generated from events hosted at The CCD. Both the car park and the potential hotel serve to enhance the attractiveness of The CCD as a conference venue.
The CCD, which has been trading profitably since commencing operations in September 2010, has recently celebrated its 1,000th event and has hosted more than 1 million delegate days. In the last six months alone, The CCD has secured 120 events, including 25 international conferences, booked for future years from 2015 to 2018. These 25 conferences range in size from 500 to 2,000 delegates and are forecast to generate more than €30 million for the local economy.
Given the successful trading history of The CCD and Ireland’s positive growth prospects, Rubicon received strong interest from a wide range of institutional investors that seek to invest in infrastructure assets with robust operational track records. The transaction is expected to complete during the coming months subject to receipt of the required consents from the Office of Public Works (on behalf of the State), the senior lenders and others such as the Competition Authority.
The executive chairman of The CCD, Mr. Dermod Dwyer, said: “The CCD is a strategic national asset and I’m very pleased the Irish Infrastructure Fund has been selected as the preferred bidder. The CCD has been delivering both a profit for the business itself and wider economic benefits and we expect that to continue.”