Ronan loses crown jewel to Fine Grain

Fine Grain Property, an Irish company with roots in Singapore, is poised to acquire Connaught House, the jewel in the crown of developer Johnny Ronan’s property investment portfolio.
The Sunday Times has also learned that Starwood, a US fund, is to buy North Docks One and Two. Connaught House and the North Dock buildings were both put on the market by receivers and are set to sell at prices substantially below guide.
Agents acting on behalf of Nicholas O’Dwyer and Michael McAteer of Grant Thornton were guiding €80 million for Connaught House.
It is understood that the property, which has a rent roll of €7.1 million, is under offer to Fine Grain for €63 million, a 20 per cent discount to the guide, and roughly half the valuation placed on the property as recently as 2022. Tenants include CBRE, Macquarie Aviation Finance and drug company Alkermes.
North Docks One and Two is set to sell for €85 million. Receivers Kieran Wallace and Eamonn Richardson of Interpath Advisory were seeking €130 million for the offices, Dublin’s first near-zero-energy buildings.
The properties were on sale for €155 million a year ago. Owners Oaktree Capital Management and the National Asset Management Agency will get wiped in the deal, losing €35 million. Senior lender Pimco, which appointed the receivers and is owed €120 million, also faces a haircut.