Rubicon Infrastructure Advisors, an advisory firm headquartered in Dublin, has been appointed as financial advisor for the sale of the Dublin Convention Centre PPP project.
The joint official liquidators of Spencer Dock Development Company Limited (SDDC), owners of the PPP project, are to sell off a string of assets, including the Convention centre. 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 Dublin Convention Centre; ownership of the 320-space car park that is located underneath and the license to build and operate an approximately 330-bed hotel adjacent to the convention Centre.
The PPP operator is allowed to collect an availability-based payment and trading revenue generated from events hosted at Convention Centre over the 21 years it has left to run.
According to sources, the value of the assets could reach €80 million.
Since opening in September 2010, the Convention Centre has exceeded expectations by hosting over 900,000 delegate days and has won 26 Industry Awards, including recognition as one of the top four convention centres in the world.
Given its iconic status, successful track record and deeply experienced management team combined with Dublin's renowned international reputation amongst business visitors, it is anticipated the assets will attract strong interest from a variety of infrastructure funds, institutional investors, asset managers and infrastructure developers.