* UK infrastructure investor John Laing Group (John Laing) has completed the acquisition of the operating licence for the Convention Centre Dublin (CCD) out to 2035.
The acquisition is part of a deal struck by the State-backed Irish Infrastructure Fund (IIF) to sell the contract to operate the CCD, as well as telecoms towers business Towercom, and primary healthcare firm Valley Healthcare to the international investor.
While neither side has disclosed financial details about the deal, it represents the largest single investment in John Laing’s history, with The Irish Times reporting in December that the three-pronged purchase was estimated to be worth about €1 billion in total.
Jamie Christmas, acting chief executive and chief financial officer of John Laing, said that were “delighted” to complete the acquisition of the city landmark.
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“The CCD benefits from long-term Government-backed contracted revenue and an attractive location in the heart of Dublin, the European headquarters of many multinational companies,” he said.
The CCD deal follows regulatory approval from the Competition & Consumer Protection Commission and the Office of Public Works (OPW).
While the OPW retains ownership of the convention centre building on North Wall Quay, John Laing will acquire the remainder of the 25-year public-private partnership between CCD and the OPW, gaining the right to operate the 8,000 capacity venue until 2035.
Philip Doyle, principal and fund manager at Infrabridge (the infrastructure manager of the IIF), said they were “pleased that John Laing will now continue to develop the CCD as Ireland’s premier convention location”.
* This article was edited on Wednesday, June 21st, 2023
