Developer Johnny Ronan has bought back a €39.9m loan from Nama related to the Treasury Building in Dublin, it has emerged.
Mr Ronan, who was a client of the National Asset Management Agency, is now Nama's landlord.
According to property news service CoStar Finance, Deutsche Bank has refinanced a €39.9m loan extended to the developer which is secured on the building on Grand Canal Street.
Mr Ronan bought his loan back from Nama last year at its face value.
Nama acquired loans from the Irish banks covered by the government guarantee scheme at an average discount of over 50%.
The agency doesn't provide details on individual loans so it is unclear whether it bought Mr Ronan's loans at a discount.
If it did, selling the loan back to the developer at face value would have generated a profit for Nama.
Mr Ronan co-owned the Treasury Building with developer Paddy McKillen.
The building was valued at €58m in January by DTZ for the purpose of the refinancing by Deutsche.
It brings in €5.5m in gross rental income each year of which Nama pays €1.6m and the National Treasury Management Agency, the main tenant, pays €3m.
