Firm behind convention centre has huge property assets

The Irish property company, Treasury Holdings Ltd, the major shareholder in the company which is set to develop the National Convention Centre in Dublin's docklands, owns property portfolios worth hundreds of millions of pounds in Ireland and Britain.

The company awarded the contract is called Spencer Dock International Convention Centre Ltd, which is a subsidiary of Spencer Dock Development Co Ltd. Spencer Dock, where the development will be situated, was reputedly built by an ancestor of the late Princess Diana.

Treasury Holdings owns two-thirds of the shareholding in Spencer Dock Development Co Ltd, the other third being owned by Mr Harry Crosbie, owner of the Point Depot and a shareholder in the Clarence Hotel.

Another major winner from the deal is CIE, which is to retain the freehold to the site and has an agreement with Spencer Dock under which it will receive ongoing "substantial income" from the project. One source said that this additional income would make a significant contribution to the CIE's £500 million investment programme.

Treasury Holdings is one of the most active property investment companies in Dublin. It is jointly owned by Mr John Ronan and Mr Richard Barrett, and as well as its properties in Dublin it owns a substantial amount of property in Britain. It is known to use substantial outside investors in many of its deals.

Mr Ronan was mentioned in the list of donors to politicians published by the Public Offices Commission earlier this month. He gave Mr Ruairi Quinn £10,000 last year, the largest single donation on the list. He also gave £1,000 to Mr David Andrews last year.

Treasury Holdings owns the Treasury Building, on the site of the old Bolands Mill in Dublin, and a large Dublin site between Fleet Street and College Green, where the company is hoping to have a hotel built.

In 1994 Treasury purchased a £46 million property portfolio from Irish Life, the largest ever such deal at the time. The deal involved a 50 per cent joint venture with Jermyn plc, a London-based company. A similar amount of money was spent on the purchase of a Bank of Ireland portfolio in October 1996. The company is currently planning a major development at Stillorgan Shopping Centre in Co Dublin. Planning permission has been granted for this project, but it has been appealed to An Bord Pleanala by local residents.

In 1996 the Treasury partners were involved in a £1.6 million purchase of 320 acres on East Mountain in Howth. However, it now seems that planning permission for housing on this site is unlikely.

In the last two years the company has been involved in a partnership with General Electric Capital, buying two property portfolios in Britain. One, the General Accident portfolio, was bought for about £70 million. The other, the Hermes portfolio, was bought for about £80 million.

General Electric, the largest company in the world, is involved in funding the proposed convention centre on the Spencer Dock. According to one source, the overall project could involve funding of up to £700 million over the next five to 10 years.

The development, which will involve hotels, retail and leisure facilities, offices and apartments, as well as the convention centre, will provide significant ongoing rental and leasing income to Spencer Dock Development Co Ltd.

It is likely to act as a major catalyst for the development of the greater dock area, which will be of "extraordinary benefit" to CIE. By retaining its freehold on plots such as the one at Spencer Dock, CIE will have significant additional income for the major investment it needs to make over the coming years.

One of the world's leading architects, Mr Kevin Roche, master planner for the Metropolitan Museum in New York, has designed the convention centre. He lives in the US, but is a native of Ireland.