PROPERTY DEVELOPER JOHNNY Ronan has exited Nama after paying off liabilities totalling €3oo million.
A statement issued on behalf of Ronan says that one of the Celtic Tiger’s most well-known developers is to make a “full and committed return to building high quality developments in Ireland and abroad”.
The statement was drafted by Ronan’s business partner Guy Leech, who arranged the €300 million deal that allowed Ronan leave Nama.
The payment to Nama follows investment from US firm Colony Capital and from UK based M&G Investments.
This financing was secured on the back of 24 Dublin properties owned by the Ronan Group Real Estate.
Johnny Ronan, property and the Celtic Tiger
Johnny Ronan is synonymous with the building boom that surrounded the Celtic Tiger in the decade before 2008.
His fingerprints can be seen on some of Dublin’s most prominent buildings built during that time, including the Convention Centre Dublin and Google’s high-rise HQ on Barrow Street.
Criticism
However, his excesses and partying often drew the criticism that now clings to property developers, and is used a way of criticising their ilk.
His relationship and subsequent breakup with model Glenda Gilson, and even stories of Ronan jetting to Morocco with former Miss World Rosanna Davison, all fuelled interest in him.
Since that period, his financial travails with the State’s bad bank similarly echoed the collapse of the Irish property market.
But today’s announcement that he has settled his loans with the Nama, and by extension repaid the exchequer, could perhaps go on to demonstrate the return to the fold of large-scale construction projects in Ireland.
Time will tell to what extent he’s involved, but today’s statement predicted he’s hoping to be a big player again.
“Ireland needs more quality housing and office development and the Ronan Group will meet that need.”
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