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Convention Centre income stream for sale

Thursday, July 31 10:11:56

The joint official liquidators of Spencer Dock Development Company Limited (SDDC) are to sell off a string of assets in the "Silicon Docks" area, including the income stream of the Convention centre.

The group of related assets mainly features the concession contract to operate and maintain The Convention Centre Dublin (The CCD) plus a site earmarked for a new hotel.

Rubicon Infrastructure Advisors, a global advisory firm headquartered in Dublin, has been appointed as financial advisor for the sale process.

Based on projections of future activity, the equity value of SDDC's interest in the group of assets is estimated to exceed E80 million, which will make this one of the largest Public Private Partnership (PPP) transactions to take place in Europe over the past 2 years.

Paul McCann and Michael McAteer of Grant Thornton are the joint official liquidators.

The assets being disposed of are: The concession contract to operate and maintain the CCD; ownership of the 320-space car park that is located underneath The CCD and the license to build and operate an approximately 330-bed hotel adjacent to The CCD.

The CCD concession contract allows the operator to collect an availability-based payment from the OPW and trading revenue generated from events hosted at The CCD over the 21 years it has left to run. Both the car park and hotel have the potential to be profitable in their own right while also serving to enhance the attractiveness of The CCD as a conference venue. Both of these assets will remain in the hands of the owner after the CCD concession contract expires.

Since opening in September 2010, The CCD has exceeded expectations by hosting over 900,000 delegate days and has won 26 Industry Awards, including recognition by the International Association of Convention Centres (AIPC) as one of the top four convention centres in the world and winning Gold for 'Best Overseas Conference Centre' at the UK M and IT Awards for 3 years running (2012 to 2014).

Given The CCD's iconic status, successful track record and deeply experienced management team combined with Dublin's renowned international reputation amongst business visitors, it is anticipated there will be strong interest from a variety of international funds, institutional investors, asset managers and infrastructure developers who prize the long-term, stable cash flows associated with a performing PPP asset while also having an appreciation for the potential real estate value of the hotel and car park.

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