Five Dublin properties owned by developer Johnny Ronan have been put on the market with a combined guide price of €170m (£145m).
The portfolio, which is being marketed by Savills, comprises three retail buildings on the city’s prime shopping thoroughfare, Grafton Street, as well as two office blocks.
However, Ronan Group Real Estate is believed to have secured a commitment to refinance its €300m portfolio from a leading lender, which could halt the sale.
Savills is marketing five of the portfolio’s 12 assets for sale, on behalf of receivers appointed by M&G Investments in March. M&G is owed €141m after it backed RGRE’s refinancing of its Nama loans in 2015, which allowed the developer to exit the state’s so-called bad bank.
If RGRE successfully secures the new financing, M&G will be paid in full and joint receivers Michael McAteer and Nicholas O’Dwyer of Grant Thornton will abandon the sales process.
The buildings being marketed by Savills are numbers 70, 78/79 and 116 Grafton Street, which are let to Lush and Bewley’s cafe among others, as well as Connaught House and Kingram House.
Each asset will have its own separate sales process except for the three Grafton Street assets, which will be offered as a collection in one or more lots.
Connaught House, on Burlington Road in Dublin 4, comprises approximately 117,000 sq ft of grade-A office space across five storeys and a basement. It is let to Macquarie Aviation Capital, Carlyle and Biohaven Pharmaceuticals, among others, producing around €7m pa in rent.
The 16,000 sq ft Kingram House, off Fitzwilliam Place in Dublin 2, is a single-let Georgian office to the front with a large four-storey modern office block to the rear. It is let to the Irish Medical Council on a 20-year FRI lease from January 2013 and currently produces a rental income of €827,500 pa.
The Grafton Street shops boast more than 29,000 sq ft of prime retail space and 25.5m of Grafton Street frontage. Total rent amounts to €2.45m pa, which, based on the guide price of €29m, equates to an 8.4% yield.
Savills investment director Fergus O’Farrell said: “These assets each offer unique opportunities, including both secure income returns and asset management prospects, in a market which is starved of high-profile well-located assets, and we therefore expect strong investor demand from a range of buyer types.”
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