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.