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Sunday 11 December 2016

Johnny Ronan's exit from NAMA included €5.5m deal on 'Pink Palazzo' mansion

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The house was built on Burlington Road ten years ago by developer Johnny Ronan
The house was built on Burlington Road ten years ago by developer Johnny Ronan
Johnny Ronan

BUILDER Johnny Ronan's exit from NAMA included a multi- million euro deal involving a Dublin mansion dubbed the Pink Palazzo.

Mr Ronan built the large house on Burlington Road more than a decade ago and it remains in the ownership of his firms following the deal earlier this month.

A €5.5m transaction was recorded for the Palladian-style villa on the Property Price Register on April 1.

Though described as a "sale" on the official website, the property remains in the ownership of Mr Ronan's companies, a spokeswoman for Ronan Group Real Estate (RGRE) confirmed.

The property is listed on the firm's website among "residential investments" and had been rented out to the United Arab Emirates government as it's ambassador's residence until recently.

Currently vacant, it's understood that it is available for lease again.

The €5.5m transaction was described by a source as part of the "internal restructuring" of Mr Ronan's businesses that saw him become the most high- profile developer to exit NAMA.

The agency declined to comment on the matter last night.

FLAMBOYANT

Earlier this month his company RGRE announced that a €300m transaction repaid what he owed to NAMA.

"Ireland needs more quality housing and office development and the Ronan Group will meet that need," a spokesman said at the time.

One of the Celtic Tiger era's most flamboyant developers, Mr Ronan's projects included the Convention Centre in Dublin and the Monte Vetro tower later bought by Google.

His exit from NAMA was funded by capital secured on RGRE properties, US firm Colony Capital and UK- based M&G Investments.

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