Developer Johnny Ronan exits NAMA
Published 01/04/2015 | 15:04
TREASURY Holdings developer Johnny Ronan has officially exited the National Asset Management Agency this afternoon.
Mr Ronan agreed a €300m settlement today with the State’s bad bank and now plans to resume work in the Irish development sector.
He is the largest borrower to reach a settlement with NAMA.
Speaking following the deal, Guy Leech, who arranged the settlement said: "The Ronan Group has been in Nama for five years and it is a great achievement to have exited, repaying its debt to Nama and delivering a substantial profit to the Irish taxpayer. A key point to note here is that this is a complete refinance, not a loan sale.
"John Ronan has now returned to development in Dublin and will deliver more of the high quality properties he has been well known for over the last 30 years. Ireland needs more quality housing and office development and the Ronan Group will meet that need."
He added: "This was a highly complex transaction which has been put together thanks to huge efforts from Ronan Group Real Estate's (RGRE), the new funders, Nama and from all their advisers who have shown tremendous commitment and tenacity to get it done."
The deal was funded by new capital raised from Ronan Group Real Estate's (RGRE) portfolio of prime assets with backing from US investment firm Colony Capital and from UK based M&G Investments.
The refinancing has been secured on RGRE's portfolio of 24 assets in Dublin, most of which were built by Mr Ronan, and one property in Paris.
These include Connaught House on Burlington Road, the Credit Suisse & ABN Amro office which is part of the Spencer Dock Development, and three retail properties on Grafton Street including the iconic Bewley's Cafe.
The Paris building is the headquarters of BNP Paribas.
A NAMA spokesman said they do not comment on individual cases.