Ronan and Colony Capital win bidding war for former Irish Glass Bottle site and potential 3,500 homes
Johnny Ronan will develop Nama’s biggest site at the former Irish Glass Bottle works in Ringsend, it was announced today.
Ronan Group Real Estate and US investment firm Colony Capital bid “substantially more” than Nama’s €125m guide price, according to a market source.
Following a 30-day period before final contracts are signed, Ronan and Colony will gain an 80pc stake in the company that develops the 15.1-hectare site in Dublin 4.
The National Asset Management Agency will retain a 20pc interest in the site, with its potential for 3,500 homes and 1 million square feet of commercial space. A school is also planned for the site.
Ronan and Colony beat three other bidders on the shortlist to gain the 80pc stake in Pembroke Ventures DAC, the company that will develop the site. The other contenders were US private equity house Lone Star, the Hines property group and Sean Mulryan’s Ballymore.
“Today’s announcement is an important milestone in our strategy for this key site,” said Nama chief executive Brendan McDonagh.
“The competitive process adopted was designed to achieve best financial return in line with the requirements of the Nama Act and facilitate delivery of much needed housing for the Dublin market in time.”
Nama chairman Aidan Williams said: “This transaction will facilitate the provision of new homes, schools, businesses and community facilities over time in a key location close to Dublin city centre. We look forward to successfully concluding this transaction and working with RGRE and Colony over the coming years to transform this brownfield site.”