Latest news with #RonanGroup
Irish Times
4 days ago
- Business
- Irish Times
Ardstone Capital to pay €177m for Dublin docklands apartments developed by Johnny Ronan firm
Ardstone Capital is set to pay €177 million to acquire Spencer Place, the high-end residential scheme developed by Johnny Ronan 's Ronan Group Real Estate (RGRE) in Dublin's north docklands. The company, which maintains offices in Ireland, the UK, Germany and Spain, is understood to be in the process of finalising its acquisition of the portfolio of 393 apartments from the US-headquartered Fortress Investment Group, having seen off competition from several parties. Another US real-estate investor, Hines, had been in the lead to acquire the Spencer Place scheme until recently, before being overtaken by Ardstone. The first round of bidding saw a total seven parties either bidding or expressing their interest in the scheme. While the initial stage of the process saw bids from Hines, Irish investment manager Carysfort Capital, German investor MEAG and one other party, Ardstone Capital limited its involvement at that point to an expression of interest, as did Ares Management and Axa. Offers for the portfolio are understood to have come in at €160 million-€170 million in the first round. Should Ardstone Capital complete its acquisition of Spencer Place for €177 million, it stands to secure a yield of 4.9 per cent on its investment. The proposed deal is understood to be in legals at present. The disposal of the portfolio is being handled by joint agents Eastdil Secured and CBRE. READ MORE The apartments at Spencer Place already came close to being sold on a number of occasions over recent years. In 2020, US real estate investor Cortland is understood to have been prepared to pay some €315 million to fund and acquire a larger scheme of 550 apartments and coliving units RGRE had been proposing for the site. The proposed deal with Cortland was abandoned, however, following repeated legal challenges from Dublin City Council in relation to An Bord Pleanála's approval of RGRE's plan to accommodate the additional units by increasing the height of the two blocks within the development from seven to 11 and 13 storeys respectively. In July 2021 the UK-headquartered property investor Round Hill Capital engaged in discussions with RGRE in relation to the potential purchase for about €220 million of a development comprising 349 apartments and a 100-bed aparthotel on the Spencer Place site. The portfolio that is now being sold comprises 393 apartments arranged across three blocks along with a range of facilities that include a 24-hour concierge, coworking area, bookable kitchen, gym, cinema, top-floor communal areas with views over the city, 78 car-parking spaces and 828 bicycle parking spaces.
Irish Independent
29-04-2025
- Business
- Irish Independent
Receivership costs top €9m at Johnny Ronan firm that owns Bewley's site
New accounts filed by RGRE Grafton Ltd show that €9.45m of last year's €33.17m post-tax loss concerned receivership costs. Last month, the Ronan Group confirmed the company had emerged out of receivership as part of a deal that allowed it take back what it called 'the jewels in the crown' of the portfolio: 70 Grafton Street, home to PTSB and City Break Apartments, and 78-79 Grafton Street, the location of Bewley's Cafe, in Dublin 2. A note attached to the new accounts for RGRE Grafton Ltd shows that included in the €33.17m loss was a €15.54m loss on the disposal of investment properties and a latent capital gains tax (CGT) charge of €4.5m. The loss also takes account of a €2.9m gain in the value of the property portfolio. The note states that the company owed €38.59m to a credit institution and €67.25m to group companies of which €39.75m is reflected as subordinated loans. The note adds that in November 2023, as a result of high interest rates and a significant decrease in commercial property values, which gave rise to bank covenant issues, the directors invited its senior lender, Bank of Ireland, to appoint a receiver over the secured assets. During 2024, the receiver marketed the company's investment properties for sale and following this process two properties were sold for €18.45m. In addition, the company acquired a property in 2024 for €10.3m from a company within the same corporate group, and subsequently sold it to a third party. 'Combined sale proceeds were used to part repay the senior lender's loans and pay receiver and sales costs,' the note states. In November 2024, the receiver entered into an agreement with another entity within the same corporate group for the sale of the company's shares. ADVERTISEMENT 'Upon completion, the company had no further obligations to its previous lenders and successfully exited receivership.' The directors believe that the company will be able to meet its obligations as they fall due. The book value of the company's investment properties at the start of 2024 totalled €61.19m and was valued at €30.1m at the end of December 2024. This was after disposals of €44.2m during the year and additions of €10.3m and the €2.9m gain in book value. In February, the Supreme Court agreed to hear another appeal over the ownership of the Harry Clarke stained glass windows in Bewley's Cafe in Grafton Street, Dublin. It followed a 2-1 decision of the Court of Appeal last July that all six of the windows belong to the owner of the premises, RGRE Grafton Ltd. A dissenting judgment found that two of the windows were owned by Bewley's and the other four were 'tenant's fixtures'. That decision differed from a 2023 High Court decision that only four of the windows belonged to RGRE while the other two were the property of the tenant, Bewley's Cafe Grafton Street (BCGS) Ltd, and its subsidiary Bewley's Ltd.
RTÉ News
28-04-2025
- Business
- RTÉ News
Johnny Ronan firm records €33m loss in 2024
A Johnny Ronan firm involved in a long running legal dispute concerning €1m Harry Clarke stained glass windows at Bewley's Cafe on Grafton Street in Dublin recorded post tax losses of €33.17m last year. New accounts filed by RGRE Grafton Ltd show that €9.45m of last year's €33.17m post tax loss concerned receivership costs. Last month, the Ronan Group confirmed that the company had emerged out of receivership as part of a deal that allowed the Ronan Group take back what it called "the jewels in the crown" of the portfolio, namely: 70 Grafton Street, home to PTSB and City Break Apartments, and 78-79 Grafton Street, the location of Bewley's Café, in Dublin 2. A note attached to the new accounts for RGRE Grafton Ltd show that included in the €33.17m loss was a €15.54m loss on the disposal of investment properties and a latent Capital Gains Tax (CGT) charge of €4.5m. The loss also takes account of a €2.9m gain in the value of the property portfolio. The note states that the company owes €38.59m to a credit institution and €67.25m to group companies of which €39.75m is reflected as subordinated loans. The note adds that in November 2023, as a result of high interest rates and a significant decrease in commercial property values, which gave rise to bank covenant issues, the directors invited its senior lenders, the Bank of Ireland to appoint a receiver over the secured assets. The note states that during 2024, the receiver marketed the company's investment properties for sale and following this process two properties were sold for €18.45m. The note states that in addition, the company acquired a property in 2024 for €10.3m from a company within the same corporate group and subsequently sold it to a third party. The note states that the "combined sale proceeds were used to part repay the senior lender's loans and pay receiver and sales costs". The note states that in November 2024, the receiver entered into an agreement with another entity within the same corporate group for the sale of the company's shares. It states: "Upon completion, the company had no further obligations to its previous lenders and successfully exited receivership." The directors believe that following the completion of the share sale, the new financing arrangement, cessation of receivership the company will be able to meet its obligations as they fall due. The book value of the company's investment properties at the start of 2024 totalled €61.19m and was valued at €30.1m at the end of December 2024. This was after disposals of €44.2m during the year and additions of €10.3m and the €2.9m gain in book value. In February, the Supreme Court agreed to hear another appeal over the ownership of the Harry Clarke stained glass windows in Bewley's Cafe in Grafton Street, Dublin. It followed a 2-1 decision of the Court of Appeal (CoA) last July that all six of the windows belong to the owner of the premises, RGRE Grafton Ltd. A dissenting judgment found that two of the windows were owned by Bewley's and the other four were "tenant's fixtures". That decision differed from a 2023 High Court decision that only four of the windows belonged to RGRE while the other two were the property of the tenant, Bewley's Café Grafton Street (BCGS) Ltd and its subsidiary Bewley's Ltd.
