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The Irish Infrastructure Fund Acquires Operating Concession for The Convention Centre Dublin

The Irish Infrastructure Fund (the "Fund") which is managed by Irish Life Investment Managers, together with AMP Capital as the Fund's infrastructure investment manager,  is pleased to announce that following a sale process managed by Rubicon Infrastructure Advisors (the sole financial advisor to Grant Thornton, the Joint Official Liquidators of Spencer Dock Development Company Limited) the Fund has acquired the concession contract to operate and maintain The Convention Centre Dublin (“The CCD”). The deal also includes a long term lease of the 321-space car park that is located underneath The CCD, and the license to build and operate an approximately 330-bed hotel on a site adjacent to The CCD. 
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 20 years remaining. The CCD joins the Fund’s existing assets, which include a wind farm portfolio and Towercom, the largest telecoms towers company in Ireland. 
Since being announced as the preferred bidder for The CCD in February of this year, the Fund has increased investor commitments to over €400 million, with 14 institutional investors participating in the funding round to complete this transaction. 
The Fund was launched in 2012 with a €250 million cornerstone commitment from the Ireland Strategic Investment Fund (ISIF). 
Patrick Burke, Managing Director of Irish Life Investment Managers, said: 
“We are delighted to have secured The CCD as a further asset for the Irish Infrastructure Fund and to be in the unique position of being able to provide our clients with access to infrastructure investment opportunities. Infrastructure is fast developing as an important new asset investment class in the Irish market and complements our existing property and alternative solutions that we bring to our clients.”
AMP Capital Head of Origination, Europe, Simon Ellis said: “The CCD is a highly attractive asset for the Irish Infrastructure Fund, further diversifying the portfolio and combining robust long-term cash yields and growth potential from an increasingly favourable economic outlook during the next few years.  We look forward to working in collaboration with the existing management team and the OPW to maximise the potential of this iconic Dublin asset.” 
The executive chairman of The CCD, Mr. Dermod Dwyer, said:  “The acquisition of the concession contract of The CCD by the Irish Infrastructure Fund is warmly welcomed, and marks a new chapter in our history. Over the past five years The CCD has established itself as a multi-award winning international event venue, hosting over 1,150 events, and delivering both a profit for the business itself and wider economic benefits to Ireland.  We look forward to working with IIF to further develop this strategic national asset for many years to come.”