John Laing completes acquisition of Convention Centre Dublin
John Laing Group ("John Laing"), a leading international investor and active manager of core infrastructure assets, today announced that it has completed the acquisition of Convention Centre Dublin (CCD) from Infrabridge, the infrastructure manager of the Irish Infrastructure Fund (IIF).
The completion of the transaction follows regulatory approval from Ireland’s Competition & Consumer Protection Commission and the Irish government’s Office of Public Works (OPW).
The CCD, Ireland’s only purpose-built convention centre with a capacity of 8,000 people, is the world’s first carbon neutral constructed conference venue. It has extensive experience in hosting large-scale conferences for international businesses and associations and enjoys strategic partnerships with Irish tourism and hotel associations. The CCD is a 25-year public-private partnership with the OPW, with the concession lasting until 2035.
John Laing agreed to acquire the CCD along with Valley Healthcare, Ireland’s largest primary care centre developer and operator, and Towercom, Ireland’s largest independent telecommunications tower company, in a transaction announced last December that represented the largest single investment in John Laing’s history. Terms of the transaction were not disclosed.
Jamie Christmas, Acting Chief Executive Officer and Chief Financial Officer of John Laing, said: “We are delighted to complete the acquisition of Convention Centre Dublin, an iconic city landmark that has won 60 awards and is one of Europe’s leading conference centres. 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.”
Philip Doyle, Principal & Fund Manager, Infrabridge said: “We have overseen the growth of the CCD into an award-winning venue that is an important contributor to the Dublin economy and has positioned Ireland as a destination for international conferences and events. We are pleased that John Laing will now continue to develop the CCD as Ireland’s premier convention location. We wish the new owners and the management teams every success working together in the future.”
Patrick Burke, CEO, Irish Life Investment Managers said: “The Irish Infrastructure Fund under the management of InfraBridge and ILIM has delivered on its mandate of strong realised returns for our investors while supporting infrastructure development in Ireland. Irish Life is pleased that the CCD will benefit from being part of a large global infrastructure group and wish them every success in the future.”