Sean Mulryan’s Ballymore is poised to pay back more than half a billion euro to NAMA as it nears agreement on a joint venture with Malaysian investors.
Ballymore is in advanced talks with Eco World Development to develop as much as £2bn worth of residential property in London.
If a deal is reached, then Eco World will finance three projects in London and retain Ballymore as the development manager.
The projects are Arrowhead Quay in Canary Wharf, the second phase of London City Island in the Lea Valley also in east London and the second phase of Embassy Gardens in Battersea, south London.
According to industry website Real Estate Capital the schemes will total 3,000 units and 250,000 sq ft of leisure and office space. All three sites have planning consent and development is expected to begin on all of them early next year.
Ballymore has been working with NAMA to reduce its debts to the state bad bank and this deal could see a colossal £450m (€567m) handed back to the agency. The company has repaid close to €1bn so far.
Eco World is closely linked with SP Setia, the Malaysian firm that bought the Battersea Power Station site from NAMA in 2012 for an estimated €480m.
The former president and chief executive of SP Setia, Tan Sri Liew Kee Sin, is a non-executive director of Eco World and his son Tian Xiong is a major shareholder. Tan Sri Liew Kee Sin remains the chairman of the Battersea project, despite having left SP Setia in April.
Battersea had been owned by a company controlled by Treasury Holdings supremos Johnny Ronan and Richard Barrett. Industry experts believe the site has appreciated significantly since the Malaysians bought it.
This week Ballymore Group reported its first profit since the crash.
The Irish construction group is now on course to exit Nama by the end of the financial year with its loans paid off in full.
Away from London, the group is currently building around 750 new homes at four sites in and around the capital at College Square in Terenure, Portmarnock and Royal Canal Park - all in Dublin - and at Pipers Hill near Naas, Co Kildare.
Lazard and CBRE are believed to advising Ballymore on the negotiations, codenamed Project Ace.