Johnny Ronan

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For the architect, see John Ronan.

Johnny Ronan
Born
John Ronan

(1953-12-04) 4 December 1953 (age 70)
Clonmel, County Tipperary
NationalityIrish
Occupation(s)Accountant, property developer

John Ronan is an Irish businessman and property developer known for establishing Treasury Holdings in 1989 along with Richard Barrett.

Following the Irish property crash in 2008, the National Asset Management Agency (NAMA) took over the loans of Treasury Holdings resulting in its ultimate demise. While the company itself was liquidated in 2012, many of the assets were later rolled into a residual entity named Ronan Group Real Estate (RGRE) owned by Ronan and Colony Capital while Richard Barrett went on to establish Bartra Capital Property.

The "Pink palace", the former home of Ronan at Burlington Road, Dublin 4

Early life[edit]

Ronan was born into a farming family in Clonmel, County Tipperary.[1] He was educated at Castleknock College[2] before going on to train as a Chartered Accountant with PricewaterhouseCoopers. He initially became involved in property deals with his property developer father before setting out on his own in the late 1970s.[3][4]

Treasury Holdings[edit]

Ronan teamed up with his former school friend Richard Barrett from Mayo to form Treasury Holdings in 1989. The company grew to become one of the largest Irish commercial property developers and was known for landmark buildings on Dublin's skyline.[5] Among Treasury Holdings' high-profile developments were the Montevetro (later to become Google's European Headquarters) and Alto Vetro buildings on the Grand Canal Dock basin, the Convention Centre Dublin, the Ritz Carlton in Powerscourt, the Treasury building which housed the offices of the NTMA and the Irish headquarters of PwC at One Spencer Dock.[6]

Real Estate Opportunities (in which Treasury Holdings had a 60% stake), was responsible for building and agreeing with the sale of the Montevetro office building on Barrow Street in Dublin to Google for €99.9m. It was Dublin's tallest commercial office building at the time of construction and was sold via a receivership process.[7][8][9]

Battersea Power Station[edit]

In November 2006, Real Estate Opportunities purchased Battersea Power Station and the surrounding land for €532 million (£400 million).[10][11] This was Treasury's biggest single scheme and in 2012 it secured the largest planning permission ever granted in central London – approximately 8.5 million square feet of residential, office and retail space masterplanned by Uruguayan architect Rafael Viñoly. The scheme also included an extension of the Northern Line Underground.[12][13][14] On 30 November 2011, it was officially announced that the scheme's lenders Lloyds Bank and NAMA would put it into Administration. It was subsequently sold to a Malaysian consortium led by S P Setia, which had been in negotiations with Treasury Holdings prior to the Administration to buy the scheme. Setia later hired the Treasury management team to manage the construction of the scheme.[15][16]

Decline[edit]

In October 2012, following the effects of both the collapse of the Irish property bubble and the Great Recession, the High Court appointed liquidators to Treasury Holdings and 16 related companies. The move followed a decision by Treasury not to resist a winding-up application by one of its banks, KBC, over a debt of €55m. Treasury had debts of €2.7bn, €1.7bn of which was owed to NAMA.[17]

Ronan Group Real Estate[edit]

Ronan retained substantial assets outside of Treasury Holdings and in April 2015 these were refinanced in a €300 million deal with backing from Colony Capital, M&G Investments, and Deutsche Bank. Ronan repaid his debts at par and exited NAMA.[18][19][20][21] The refinancing for the deal was secured on RGRE's portfolio of 24 assets in Dublin - including three Grafton Street retail properties, the Treasury Building, a number of other buildings in Dublin 2, Kilmore House in Spencer Dock, and Connaught House in Burlington Road.[22][23][24]

RGRE was soon involved in notable ventures with a combined worth of more than €1bn including restarting the planning phase of the mothballed 23-storey Aqua Vetro skyscraper adjoining Tara Street station in Dublin.[25][26]

Other projects include the €150m Vertium office building on Dublin's Burlington Road and a €350m Facebook office campus in Ballsbridge on what was previously the head office of AIB. RGRE also signed off on a €600m deal to develop Spencer Place, on Dublin's North Docks which will be Dublin's biggest property development since 2008 and will be adjacent to Treasury Holding's earlier Spencer Dock development.[27][28]

In 2021, RGRE submitted a planning application to build a 155 metre, 45-story building in Dublin's north docklands. [29] This would be almost twice the height of Capital Dock, and more than twice the number of stories as Capital Dock, Dublin's current tallest building.

Waterfront South Central[edit]

In October 2018, Ronan Group Real Estate and Colony Capital formed a joint venture to acquire a 4.6 acre site in the Dublin's north docklands for in excess of €180m, being held by the National Asset Management Agency. The site had planning permission for the development of four office buildings ranging in height from six to eight storeys, comprising c. 300,000 sq. ft. of net office space, and two residential buildings of six and eleven storeys comprising 420 apartments.[30]

Following the commencement of construction on the site in 2019, Ronan Group twice sought planning permission from Dublin City Council to increase the height on the property from nine to eleven storeys, however this was rejected.[31] This was followed by a third planning application to increase the height of the property from nine to thirteen storeys,[32] however this was again rejected by Dublin City Council.[33] Despite this, the design was awarded the title of the "greenest" Salesforce Tower in the world.[34]

In July 2020, Colony Capital appointed Eastdil Secured to dispose of its interests in Waterfront South Central and the separate, fellow Ronan Group development Fibonacci Square.[35] In 2021, Colony Capital now rebranded as DigitalBridge, entered into an agreement to dispose of €2.7bn of non-digital assets to private equity firm Fortress Investment Group, which included the 70% interest held in the Waterfront South Central joint venture. This resulted in Ronan Group obtaining a High Court injunction against DigitalBridge in October 2021 to prevent the sale of its stakes the above mentioned schemes to Fortress Investment Group.[36] The injunction was then resolved in November 2021,[37] with the interests in the joint venture being acquired by US private equity firm Blackstone in July 2022 for €500m.[38]

References[edit]

  1. ^ "How the twins were born". The Irish Times. Retrieved 20 December 2019.
  2. ^ "Boarding school for boys to shut doors after 166 years". The Irish Times. Retrieved 20 March 2017.
  3. ^ "Nominees: John Ronan and Richard Barrett". The Irish Times. Retrieved 20 March 2017.
  4. ^ "Flash, brash Johnny becomes 'Ronan reborn'". Irish Independent. Retrieved 20 March 2017.
  5. ^ "Ronan to claim Battersea sale was not in the taxpayers' best interest - Independent.ie". Irish Independent. Retrieved 24 March 2017.
  6. ^ "Here's Johnny! Ronan returns to the fray with a €300m war chest". Irish Independent. Retrieved 24 March 2017.
  7. ^ "REO to sell Montevetro building to Google". Raidió Teilifís Éireann. 17 February 2011. Retrieved 24 March 2017.
  8. ^ Media, Dmac. "Sligo Today News for Sligo County - Treasury Holdings 'to move out of NAMA within days'". sligotoday.ie. Retrieved 24 March 2017.
  9. ^ "Treasury to seek injunction on NAMA move". 25 January 2012. Retrieved 25 August 2020.
  10. ^ "Iconic landmark is sold for £400m". BBC News. 30 November 2006. Retrieved 19 May 2013.
  11. ^ "REO buys London's Battersea power station". RTÉ News. 30 November 2006. Retrieved 19 May 2013.
  12. ^ "Battersea Power Station: timeline". The Daily Telegraph. Retrieved 3 April 2017.
  13. ^ "Wandsworth Council backs Battersea Power Station plans". BBC News. 12 November 2010. Retrieved 3 April 2017.
  14. ^ Ruddick, Graham. "Battersea Power Station's £5.5bn redevelopment could create 15,000 jobs". The Daily Telegraph. Retrieved 3 April 2017.
  15. ^ "Administrators lined up to take control of Battersea Power Station". The Daily Telegraph. Retrieved 3 April 2017.
  16. ^ "Power to the people: a last lingering look at Battersea before the". Evening Standard. 26 April 2013. Retrieved 3 April 2017.
  17. ^ RTE News
  18. ^ O'Halloran, Barry (5 April 2015). "Developer Johnny Ronan exits Nama". The Irish Times. Dublin. Retrieved 5 April 2015.
  19. ^ "Developer Ronan buys back Treasury Building loan". Raidió Teilifís Éireann. 18 March 2015. Retrieved 19 April 2017.
  20. ^ "Ronan and McKillen in control of Nama's HQ office - Independent.ie". Irish Independent. Retrieved 19 April 2017.
  21. ^ "Back in the big time: Ronan gets to work on €600m site - Independent.ie". Irish Independent. Retrieved 19 April 2017.
  22. ^ Duffy, Rónán. "He's back!: Johnny Ronan, property and the Celtic Tiger". TheJournal.ie. Retrieved 19 April 2017.
  23. ^ "Johnny Ronan gets go-ahead for €200m Ballsbridge build". 6 October 2016. Retrieved 19 April 2017.
  24. ^ Estate, Ronan Group Real. "Ronan Group Real Estate > Home". ronangrouprealestate.com. Retrieved 20 March 2017.
  25. ^ Lyons, Tom. "Ronan plans €1bn of projects following Nama exit | BusinessPost.ie". businesspost.ie. Retrieved 20 March 2017.
  26. ^ Deegan, Gordan (6 October 2016). "Johnny Ronan gets green light for €200 million Ballsbridge build". dublinlive. Retrieved 2 June 2017.
  27. ^ "Johnny Ronan mounts UK offensive to woo Brexit jobs". Irish Independent. Retrieved 20 March 2017.
  28. ^ "Johnny Ronan's plan to redevelop AIB Bank Centre is approved". The Irish Times. Retrieved 20 March 2017.
  29. ^ Quinlan, Ronald. "Johnny Ronan in 'fast-track' bid to build Dublin's tallest tower". The Irish Times. Retrieved 9 February 2021.
  30. ^ "Johnny Ronan group acquires docklands site for €180m". The Irish Times. Retrieved 28 September 2022.
  31. ^ Deegan, Gordon. "Dublin City Council shoots down Johnny Ronan's bid to increase heights of docklands developments". TheJournal.ie. Retrieved 28 September 2022.
  32. ^ "Johnny Ronan in third attempt to add floors at Dublin docklands tower". The Irish Times. Retrieved 28 September 2022.
  33. ^ "Johnny Ronan fails in third attempt to raise height of Dublin docklands tower". The Irish Times. Retrieved 28 September 2022.
  34. ^ "Developer Johnny Ronan gets perfect score with Salesforce Tower". The Irish Times. Retrieved 28 September 2022.
  35. ^ "Ronan and Colony selling majority stake in Facebook and Salesforce offices". The Irish Times. Retrieved 28 September 2022.
  36. ^ "Ronan Group gets injunction preventing Digital Bridge selling Dublin stakes". The Irish Times. Retrieved 28 September 2022.
  37. ^ "Johnny Ronan group settles €1bn property row". The Irish Times. Retrieved 28 September 2022.
  38. ^ "Blackstone pays more than €500m for Salesforce HQ in Dublin docklands". The Irish Times. Retrieved 28 September 2022.

External links[edit]

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