Convention Centre assets set to be soldThursday 31 July 2014 09.49
A number of assets relating to Dublin’s Convention Centre are to be sold, including a contract to operate the venue until 2035.
Grant Thornton’s Paul McCann and Michael McAteer, who are joint liquidators of Spencer Dock Development Company, have ordered the sale of the centre’s concession contract, which has 21 years left to run.
Ownership of the centre’s underground car park as well as a licence to build and manage an adjacent hotel will also be sold, with both assets remaining with the buyer after the centre’s contract expires.
Rubicon Infrastructure Advisors have been appointed as financial advisors for the sale, which has been given an estimated value of over €80m.
The Convention Centre currently has two main sources of income; the Office for Public Works pays an annual fee to keep it available for events, with revenue also generated from the events it subsequently hosts.
The joint liquidators say they hope to complete the sale before the end of the year.