The development will start in Spring 2010 and is expected to be complete by Autumn 2011.
Two new, "industry standard" exhibition and event halls totalling 3,400sqm will be installed.
The halls will also be linked to the Centre's existing conference and exhibition spaces. Hall heights will be in the region of 6 metres, opening up the potential for specialised exhibitions where exhibitors require increased hall height.
It is hoped that the extra height will also offer organisers more options in terms of hall configuration and layout.
Other developments include an extended and more prominent main entrance and a number of external improvements.
The centre joins a spate of recent investment for major developments, including the Tate Modern.
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