Johnny Ronan backed by UK Plc in bid to pay off debt

Developer Johnny Ronan is being backed by Development Securities, a €343 million British property investor listed on the London Stock Exchange, as he fights to finally exit Nama by repaying his personal company debts.

Mr Ronan, one of the most high-profile developers in Ireland's boom, has engaged with Nama in recent weeks in relation to his proposed bid to pay off his debts.

He has told the State property agency that Development Securities has expressed preliminary interest in buying out his debts at par, the only way a Nama developer can exit the agency.

Discussions
The move follows discussions between Mr Ronan and Nama about the future of his personal property portfolio. Interest among international investors has surged for assets after Ireland's exit from the EU-IMF bailout.

Nama has put a number of loans books associated with individual developers up for sale in the last six months and it is thought to have considered taking this approach with Mr Ronan.

Development Securities was founded in 1993 and its experienced management team has a track record in funding projects by itself and with larger investment funds. A spokesperson for Development Securities did not respond to requests for comment. Mr Ronan could not be contacted.

Prime Dublin offices

Mr Ronan’s personal and private company related debt totals about €250 million.

His assets include prime Dublin offices including Treasury Buildings, which houses Nama and the developer's own private office, as well as Connaught House, which is occupied by the former Anglo Irish Bank. He also owns the building which houses Bewley's on Grafton Street.

In 2011 Mr Ronan's main company Treasury Holdings was placed into receivership by Nama on foot of debts of more than €1 billion, but he was allowed to continue to manage his personal property portfolio.

Mr Ronan recently launched a website called the Ronan Group, outlining his record as a developer.