New owner for Dublin convention centre

EUROPE – The Convention Centre Dublin has been sold to the Irish Infrastructure Fund. The developer of the Ireland’s first-purposed built international conference centre, the Spencer Dock Development Company, was put into liquidation in 2012 and in October 2014, the joint liquidators, Paul McCann and Michael McAteer of Grant Thornton, began the sale process of the contract to run the centre. The new owner is backed by the Ireland Strategic Investment Fund. CCD was developed as a public private partnership between Spencer Dock Development Company Ltd and the Office of Public Works (OPW). The building is owned by the OPW. The venue opened in September 2010 and has hosted more than 1,100 events. According to a report in The Irish Times, the sale of the operating businesses of the centre includes the concession contract to operate and maintain the facility; a long term lease of the 321-space car park; and alicence to build and operate an approximately 330-bed hotel on a site adjacent to it. No financial details about the deal have been disclosed. The venue has won 27 industry awards since it opened, including being named as one of the top four Convention Centres in the World at the AIPC Apex Awards 2012. Managers reported an overall profit of €15.37 million for the 10-month period to end December 2013, compared to €3.52 million for the full year to February 2013. Operational revenue for the 10 months period was €19.6 million, compared to €24.15 million in the 12 months to the end of February 2013.