Treasury Holdings Developer Johnny Ronan has officially parted company from NAMA following a €300m cash settlement funded by UK and US investors.
Mr Ronan’s company is the largest to leave NAMA so far.
Speaking following the deal, Guy Leech, who has worked with Ronan for almost 20 years said: “The Ronan Group has been in Nama for five years and it is a great achievement to have exited, repaying its debt to Nama and delivering a substantial profit to the Irish taxpayer. A key point to note here is that this is a complete refinance, not a loan sale.
“John Ronan has now returned to development in Dublin and will deliver more of the high quality properties he has been well known for over the last 30 years. Ireland needs more quality housing and office development and the Ronan Group will meet that need.”
He added: “This was a highly complex transaction which has been put together thanks to huge efforts from Ronan Group Real Estate’s (RGRE), the new funders, NAMA and from all their advisers who have shown tremendous commitment and tenacity to get it done.”