Irish Infrastructure Fund secures deal to operate the Convention Centre Dublin
Irish Infrastructure Fund secures deal to operate the Convention Centre Dublin
Dermod Dwyer, executive chairman, the CCD, Matt Evans, principal, AMP Capital, and Patrick Burke, managing director, Irish Life Investment Managers. Photo: Fennell Photography
The Irish Infrastructure Fund (IIF) has secured the concession contract to operate and maintain the Convention Centre Dublin (CCD) in a deal which also includes a licence to build and operate a 330-bed hotel on a site nearby.
Managed by Irish Life Investment Managers and AMP Capital, the IIF was launched in 2012 with a €250m commitment from the Ireland Strategic Investment Fund.
Since being announced as the preferred bidder for the CCD last February, the fund has increased investor commitments to over €400m with 14 institutional investors participating in the funding round to complete this transaction – which also includes a long-term lease of the car park underneath the CCD.
Developed as a public-private partnership with the Irish Government, the CCD is a State-owned building and is operated under a concession contract that has 20 years remaining.
It joins the IIF’s existing assets, which include a wind farm portfolio and Towercom, the largest telecoms towers company in Ireland.