Ronan expected to exit Nama after securing new financing

Irish property developer Johnny Ronan is believed to be just days away from exiting from the National Asset Management Agency.

The Irish Times has learned that Mr Ronan has secured new lenders to help him refinance his €250 million-plus personal and company debts with Nama.

While Nama has yet to receive the funds, it is understood that a deal has been agreed in principle and it is expected to be tied up by the end of March.

It is not clear who is funding Mr Ronan's exit from Nama but US investment fund Colony Capital has long been rumoured as his new financier.

Mr Ronan is already working with the developer Paddy McKillen, Colony and UK listed property group Development Securities on building a high-end new office block in Dublin 4.

Colony was an underbidder with Mr Ronan and Development Securities in trying to acquire the 400-acre Cherrywood Business Park and adjoining lands in 2014.

Mr Ronan declined to comment when contacted by The Irish Times last night and Nama would not be drawn on its dealings with the Irish developer.

Mr Ronan is one of Nama's largest debtors. He was also one half of the Irish property development group Treasury Holdings, along with business partner Richard Barrett, which owed Nama about €1 billion.

Nama took enforcement proceedings against Treasury in 2012 and the company was subsequently wound up on foot of a winding up order pursued by KBC Bank Ireland.

Mr Ronan’s own assets involve a number of prime office blocks in Dublin, including Treasury Building in Dublin 2, where Nama’s head office is located.

His assets also include the Bewley’s building on Grafton Street, prime office blocks such as Connaught House in Dublin 4, a property on Burlington Road and a significant development portfolio.

He is said to have strategic residential and mixed-use sites in Cabinteely, Enniskerry, Delgany and Appian Way in Dublin.

Mr Ronan is an experienced developer in Ireland, the UK and China. With Treasury he developed the Convention Centre Dublin and Google’s European headquarters on Barrow Street.

Last year, The Irish Times reported that the Ulysses, a 180-foot long luxury yacht which is worth over €25 million, would not be affected by his refinancing deal as debts related to this asset are not owed to Nama.