Developer Johnny Ronan exits Nama
DEVELOPER Johnny Ronan has exited Nama and freed himself to become a main player in the Irish property market.
Mr Ronan (above), who was one of the best-known figures of the Celtic Tiger era as joint chief of Treasury Holdings, has repaid his borrowings to Nama with the help of US investment firm Colony Capital and London-based M&G Investments.
His company, Ronan Group Real Estate, said the €300m deal marked his "full and committed return" to the property business.
The deal effectively sees Colony Capital and M&G replace Nama as Mr Ronan's creditor. Unlike other deals that have seen developers get out of Nama however, this deal has seen Colony and M&G repay the loans in full rather than buy them from Nama.
The refinancing has been secured against 24 properties controlled by Ronan Group, including the Connaught House office block in Burlington Road and Bewley's in Grafton Street.
Mr Ronan was one of the faces of the boom, and alongside Richard Barrett, his Treasury Holdings firm become renowned in Irish business.
It built some of the best known properties in Ireland, including the Convention Centre.