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Ronan and US backers pay 'north of €150m' for Dublin Glass Bottle site

Developer sinks his differences with Nama to build 3,500 homes at 37-acre brownfield plot on Dublin Bay

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On the waterfront: The Irish Glass Bottle site

On the waterfront: The Irish Glass Bottle site

On the waterfront: The Irish Glass Bottle site

Nama will partner with Johnny Ronan, a frequent and outspoken critic of the agency, to develop the landmark Irish Glass Bottle site in Dublin 4 for housing.

Ronan and his US financial backer Colony Capital will pay "north of €150m" for an 80pc stake, a well-placed source said. Nama will retain a 20pc interest and had set a minimum €125m price for the remaining stake and a partnership to develop the scheme.

Ronan was a Nama borrower after the crash, until Colony backed him financially to exit the State's bad bank. He has been a frequent critic of the agency, particularly its decision to sell loans backing a scheme to develop the giant Battersea Power Station in London that had been owned by Mr Ronan and his business partner Richard Barrett.