Developer Johnny Ronan is understood to have just a few weeks to secure fresh financing from receivers to get his property empire back.
Ronan, the founder and chairman of Ronan Group Real Estate, is believed to be in talks with a domestic bank to refinance the €142m outstanding debt the company was due to repay in January to M&G Investments.
But multiple asset sources indicated that negotiations were progressing slowly and Mr Ronan was faced with some of RGRE’s prize assets within a month after receiver Grant Thornton listed him in the Sevilles this week. Was.
It is understood that a number of institution investors have already expressed interest in acquiring properties, including Bewley in Dublin’s Grafton Street and the prime office building Connaught House in Dublin 4.
The contracts could be signed only four weeks from now, which would end Mr. Ronan’s efforts to capture the 12 asset portfolio he rescued from NAMA in 2015 with the help of M&G.
However, it is understood Mr Ronan is still working closely with receivers Mick McAteer and Nick O’Dwyer to secure M&G’s money as soon as possible.
It is understood that all parties will accept the refinance, which will immediately halt the realization process, but keen buyer interest in the properties could potentially outweigh the decision of the Irish bank involved in the deal.
It is understood that the value of five high-quality properties currently up for sale, excluding seven co-owned by other parties, will comfortably cover the amount owed to M&G.
The UK-based asset manager is keen to get his money back after funding RGRE through a closed-end fund, which must pay back its investors at the end of a specified period.
Sources said Mr Ronan faces the implications of taking out a loan from a closed-end fund, a supporter unable to renegotiate a final repayment deadline.
However, once RGRE failed to make payments in January, M&G appointed receivers in March to recover its money, which arose from its client base of pension funds, institutional investors and insurance companies.
M&G did not respond to a request for comment.