Developer Johnny Ronan has today exited the National Assets Management Agency(NAMA).

The Treasury Holdings developer today agreed a €300m settlement with the agency, according to a Ronan Group Real Estate (RGRE) statement.

Funds for the settlement were sourced “from Ronan Group Real Estate’s portfolio of prime assets with backing from US investment firm Colony Capital and from UK based M&G,” according to the statement from RGRE.

Colony Capital is a $20bn US investment fund, while M&G Investments is worth €340m.

Guy Leech, who has worked with Ronan for close to 20 years and arranged the deal said: "The Ronan Group has been in Nama for five years and it is a great achievement to have exited, repaying its debt to Nama and delivering a substantial profit to the Irish taxpayer.

“A key point to note here is that this is a complete refinance, not a loan sale,” he added.

The deal has been reported as being near completion for over one year, with the Sunday Independent reporting last March that Ronan was close to securing the funds required.

The Sunday Business Post reported last weekend that the deal was complicated when Development Securities, a British plc, submitted an offer to buy a portion of the borrowings in April of 2014.

"This was a highly complex transaction which has been put together thanks to huge efforts from RGRE, the new funders, Nama and from all their advisers who have shown tremendous commitment and tenacity to get it done," Leech said.

The refinancing for the deal was secured on RGRE’s portfolio of 24 assets in Dublin - including a number of buildings in Dublin 2, Kilmore House in Spencer Dock, and Connaught House in Dublin, which currently counts the former Anglo Irish Bank among its tenants - and an office building in Paris.

Ronan developed some of Dublin's best known buildings, including the Convention Centre and Google HQ.