Ronan Group Real Estate close to securing €220 million deal
Investor, Round Hill Capital, is almost at the end of the process of buying a 100-bedroom aparthotel plus 349 apartments, which Johnny Ronan’s Ronan Group Real Estate (RGRE) in Dublin’s north docklands is currently developing.
Both parties are finalising the terms of the deal, which would see Dublin’s Spencer Place portfolio gain around €220 million.
In October 2020, RGRE lost out on €315 million for a docklands deal, as the US buyer Cortland walked away due to a legal planning-related challenge concerning a Spencer Place building.
So while the proposed price for this deal between UK-headquartered Round Hill Capital and RGRE is not low, it is a lot less than what Ronan was in line for in 2020 (€315 million) – consisting of 550 co-living spaces and apartments for the Spencer Place site.
Additionally, the repeated legal challenges and limitations imposed on the scheme’s height and the number of units that RGRE encountered the first time around could reappear – which will prove costly for the real estate group.
Round Hill designed these apartments for Dublin’s Private Rented Sector (PRS) rental market. The building will have a 24-hour concierge, gym, cinema, rooftop residents’ lounge, garden, private dining spaces and multimedia room.
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