Nama has given developer Johnny Ronan and his new partners on the former Irish Glass Bottle site in Dublin until December 18th to complete the €160 million deal, marking a four-month extension on an original 30-day deadline, according to sources.

The Irish Times reported earlier this week that US private equity group Oaktree was now joining forces with Mr Ronan’s Ronan Group Real Estate (RGRE) to take an 80 per cent stake in the project, with Nama retaining a 20 per cent interest.

RGRE had been selected with Colony in late July as preferred bidders for a controlling stake in the 37-acre site and given 30 days to complete. It is the largest vacant plot in the capital, long a symbol of Celtic Tiger hubris, and is earmarked to deliver more than 3,500 homes.

“In the interests of full transparency Nama must make a clear statement as to why the initial late August deadline which was set down to complete this deal was allowed to pass [and] why a time extension appears to have been granted to the preferred bidder,” said Ged Nash, finance spokesman with the Labour Party.

“The development of the former Irish Glass Bottle site is a matter of significant public interest, not least the promised provision of significant numbers of public and affordable homes in the city.”

Underbidders for the project had contacted Nama in September to express their continued interest in the site following the expiration of the original deadline, sources said at the time.



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