Johnny Ronan and his financial backer Colony Capital are seeking a new investor or investors for their massive Dublin schemes to develop offices for tech giants Salesforce and Facebook.
Specialist investment bank Eastdil has been mandated to find long-term, strategic investors for the schemes, which are both under development, as well as to potentially pursue other development opportunities.
Both Colony and Ronan Group intend to retain stakes in the Salesforce and Facebook schemes - which are among the largest office schemes ever developed here.
While the Covid-19 crisis has prompted many companies to rethink the need for traditional office-based employment, Ronan Group and Colony have pre-let agreements in place signed with the two digital technology giants.
The Facebook site in Ballsbridge in Dublin is on the site of the former AIB Bank Centre.
Fibonacci Property ICAV, the joint venture between Ronan Group and Colony, has a 25-year lease agreement with Facebook for 32,500 sq m (350,000 sq ft) of office space.
The Salesforce Tower is being built in the Dublin docklands to house 3,500 staff. The nine-storey, 450,000 sq ft, EMEA headquarters is the largest letting in the history of the State, even without the extra floors Ronan Group has unsuccessfully sought permission to add.
Colony has backed Ronan Group since financing Johnny Ronan's exit from Nama. The duo have partnered on new developments ever since.
Earlier this year, Ronan Group launched a process to refinance €300m of commercial property that did not include the development projects, to replace the debt from Colony with cheaper facilities.
In May, Colony Capital hit the headlines when some of its hotel sector portfolio companies defaulted on $3.2bn (€2.76bn) of debt as the Covid crisis hit the sector.