Ireland's Office of Public Works (OPW) has recently launched a tender process to seek advisors to monitor the operation of the Dublin Convention Centre PPP project.

The public authority and the project SPV, Spencer Dock Convention Centre Dublin Limited, signed the project on April 5th, 2007 and then the project started operations on August 5th, 2010. 

The private party agreed to design, construct, operate, maintain and finance the project.

During the operational period the SPV's obligations under the project agreement consist of both soft and hard services and will relate primarily to operation of the project conferencing facilities and maintenance of the building. In this regard, whilst the project agreement is based on the concept of self- monitoring by the SPV, the authority has extensive rights and powers in relation to monitoring of the project SPV.

The authority intends to procure a supervising entity for the primary purpose of monitoring fulfillment of the project agreement obligations by the SPV during the operational period. Further details regarding the scope of the operations monitor are set out in the tender documentation.

On August 2015 the Irish Infrastructure Fund (IIF), which is managed by Irish Life Investment Managers together with AMP Capital as the fund's infrastructure investment manager, acquired the project together with the following assets: 

• 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 project is operated under a concession contract that has 19-20 years remaining. The concession contract allows the licensee to collect a performance-based payment for the proper maintenance and operation of the building along with trading revenue generated from events hosted at the facilities. Both the car park and the potential hotel serve to enhance the attractiveness of the facilities as a conference venue.