A dispute between a development company run by Johnny Ronan and its co-investor in three planned developments in Dublin, worth approximately €1 billion, has been resolved, the Commercial Court has heard.
The dispute was between Ronan Group Real Estate Ltd (RGRE) and its co-investor, DigitalBridge Inc, formerly Colony Capital, over the sale of stakes in the Dublin developments to US group, Fortress Investment.
It arose out of a 2021 agreement by DigitalBridge relating to a $2.7 billion (€2.3 billion) transaction to sell its non-digital European property assets to Fortress. Digital Bridge’s joint ventures with RGRE are proposed to be wrapped into that deal, over objections from Mr Ronan.
The developments involved are: a mixed residential and commercial project, the Waterfront, on Dublin’s docklands; Facebook’s new European headquarters at Fibonacci Square, Ballsbridge; and the Spencer Place development in the docklands which includes a headquarters tower for tech firm Salesforce and a luxury hotel, the Samuel, to be operated by the Dalata Group.
RGRE obtained two injunctions restraining completion of the sale and also preventing DigitalBridge appointing a receiver over the Waterfront assets arising from an alleged €317 million debt. DigitalBridge owns some 70 per cent of the Waterfront.
The injunctions were sought by the RGRE and a number of related companies pending determination of the full dispute. DigitalBridge and a number of related companies, opposed the injunction applications and denied the claims of RGRE.
In November, the injunction aspect of the dispute was resolved.
On Monday, Alison Kierse BL, for RGRE, told Mr Justice Denis McDonald the parties had reached agreement to settle the matter. She required an adjournment with liberty to re-enter given the complex nature of matter.
The judge said he was delighted to hear the parties had reached an accommodation and granted the order sought by counsel.
