Clock ticking as Johnny Ronan races to fund property rescue plan

But numerous property sources indicated the talks were moving slowly and Mr Ronan faces having some of RGRE’s prize assets sold in as little as a month after receivers Grant Thornton had Savills list them this week.

It is understood several institution investors have already expressed an interest in acquiring the properties, which include Bewley’s in Dublin’s Grafton Street and prime office building Connaught House in Dublin 4.

Contracts could be signed as soon as four weeks from now, which would end Mr Ronan’s efforts to hold onto the 12 property portfolio he rescued from Nama with the help of M&G in 2015.

However, it is understand that Mr Ronan is still working closely with receivers Mick McAteer and Nick O’Dwyer to secure M&G’s money as quickly as possible.

It is understood that all parties would accept a refinancing, which would immediately halt the receivership process, but keen buyer interest in the properties might outpace the decision making of the Irish bank involved in the potential deal.

It is understood the value of the five high-quality assets currently for sale, excluding the seven that are co-owned by other parties, would comfortably cover the amount owed to M&G.

The UK-based asset manager is keen to get its money back after financing RGRE via a closed-end fund, which must pay its investors back at the end of a specified term.

Sources said Mr Ronan faces the implications of having taken a loan from a closed-end fund, a backer that is unable to renegotiate the ultimate repayment deadline.

However, once RGRE failed to pay in January, M&G appointed receivers in March to recoup its money, which originated with its client base of pension funds, institutional investors and insurance companies.

M&G did not reply to a request for comment.