Convention centre firm relying on banks to rollover debt

THE company constructing the €380 million Dublin Convention Centre is part of a group relying on banks to rollover repayments on loans.

Two years ago, the Department of Arts, Sport and Tourism selected Spencer Dock Convention Centre Dublin to build a national convention centre in Dublin that could accommodate over 2,000 delegates as part of a public-private partnership. The construction of a national conference centre has been a Government objective since 1989 and work on the centre, designed by architect Kevin Roche is expected to be completed next year.

The Dublin Convention Centre is part of a wider development of 53 acres of mixed-use development of offices and apartment blocks at Spencer Dock. However, accounts filed with the Companies Registration Office confirm Spencer Dock Development and 17 subsidiaries, including Spencer Dock Convention Centre Dublin, had debts of €391m and property-based assets of €552m at the end of December last.