NAMA chooses former debtor for Irish Glass Bottle site development

The vacant site in Ringsend is said to be capable of fitting 3,500 new homes.

Developer Johnny Ronan and US firm Colony Capital have been chosen as the preferred bidders by the National Assets Management Agency (NAMA) for the former Irish Glass Bottle site in Co Dublin.

Ronan Group Real Estate and Colony's winning bid is believed to have been more than €130 million for an 80% stake in the vacant plot, according to The Irish Times.

The 37-acre site is owned by Pembroke Ventures and has the potential to accommodate 3,500 new homes in Ringsend.

NAMA will retain the remaining 20% stake in the site, working on its development along with Mr Ronan, who was once on the agency's list of debtors.

Colony, along with a second group, M&G, assisted Mr Ronan in paying off his debt to NAMA in 2015.

The site within the Poolbeg West Strategic Development Zone was placed on the market last year, receiving the final bids on April 20th.