Ronan Group and its lender Fortress Investment Group have confirmed the sale of a residential development Spencer Place, located in Dublin’s Docklands, to Ardstone for €177 million.
The deal, which had been flagged in May by The Irish Times, is the highest value residential investment deal in Ireland so far this year. Ronan Group was founded by Irish property developer Johnny Ronan.
Ardstone is acquiring Spencer Place Residential, developed by Ronan Group, from Spencer Place Development Company, which is owned by Ronan Group and Fortress Investment Group.
Spencer Place Residential is the final phase of the Spencer Place campus, which Ronan Group acquired in 2016. The residential development includes 360 private units across two buildings, and amenities such as a 24-hour concierge, gym, cinema, co-working areas and panoramic top-floor lounges.
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Ardstone had faced competition for the acquisition, with US real-estate investor Hines said to have been in contention.
“Spencer Place Residential is a development that has played a central role in the transformation of Dublin’s North Docklands. The price achieved reflects the strong fundamentals of Ireland’s economy and the improving sentiment in the residential investment market,” said Gavin Wyley, Head of Residential Development at Ronan Group.
“We expect this momentum to continue into 2026, supported by recent government amendments to rental caps and apartment standards coupled with sustained demand for high-quality urban living.”
The six-acre mixed-use Spencer Dock campus also includes Salesforce Tower, which Ronan Group said was the largest-pre-let in the Irish market.
The developer is also working on a number of other projects, with the mixed-use development Waterfront South Central under construction on Dublin’s North Wall Quay. That will house Citi’s European headquarters, due for completion next year, and a residential element that that includes co-working spaces, rooftop terraces, padel courts and wellness facilities, operated by Ronan Group’s Libra Living platform.
The Glass Bottle site in Dublin 4 is also under development, with Ronan Group building a new urban quarter on the 37 acres. It will include more than 3,800 new homes and 1 million sq ft of commercial space. Planning has been lodged for a 20-storey hotel.
