Sergio Ramos' real estate in Los Berrocales loses 19 million

Sergio Ramos' investment in the future Los Berrocales neighborhood in Madrid, for the moment, is not being profitable for the Real Madrid footballer.

His company Desarrollos Inmobiliarios Los Berrocales (DILB) lost 19.1 million euros in the last year, closed on January 31, 2020, as reflected in the accounts recently filed in the Mercantile Registry.

The accounting loss, which does not imply a cash outflow, is justified by the deterioration noted by the real estate company due to the lower value of its land, also for an amount of 19.1 million, with respect to the acquisition price of these land.

The white defender is the majority shareholder of this company, with 49.99% of the capital through Sermos 32;

José María Ramos, father of the footballer and president of the company, has 1.01% of the capital, and finally Cecosa Hipermercados (Eroski) with 49%.

It is also reflected in the accounts of Desarrollos Inmobiliarios Los Berrocales that the company has settled the bank loan it had for an amount of 35 million euros, although it does not explain in the document that it did so through an agreement with the creditor, as reported by

Cinco Days

in June.

The real estate agency agreed with the company to hand over most of its land in the Madrid neighborhood in exchange for ending this liability, which added to the interest amounted to 42 million, confirm company sources.

That mortgage loan was granted by the now defunct Banco Pastor, which in turn passed to Popular and later to Santander.

Because this neighborhood has not been developed for urban development for two decades and has yet to develop a development business, Ramos and Eroski's company has not had any relevant business, so the loan was not returned and was considered failed.

Finally, that loan was transferred 51% to Blackstone within the gigantic portfolio of doubtful loans that the entity chaired by Ana Botín baptized as the Quasar project.

Before Blackstone executed and kept the land, it reached an agreement with the player's company whereby around 360,000 m² was transferred to a firm called Canvives and controlled by the US fund, according to DILB sources, in exchange to cancel the mortgage.

In the accounts it also appears that the company had a negative net worth of 5.99 million, so the partners have had to come to the rescue of the company.

In summer, they carried out what is called an accordion operation, first reducing capital and later expanding it so that their own funds exceed more than half of the capital stock.

The injection of the partners was around 1.5 million euros, they explain from the company.

Likewise, Ramos injected 156,000 euros into the real estate agency through a loan from his company Sermos 32, for the same amount that he had already granted on two occasions and that allows the company to continue with its activity.

Vocation to stay in Los Berrocales

Sergio Ramos has been trapped in an urban development that has been taking place in Madrid since the late 1990s.

Los Berrocales has around 8 million square meters where it is planned to build 22,000 homes.

After years of paralysis, the urbanization of the first phase has begun, granted to FCC, and which will allow building in two years.

The DILB partners have the vocation to remain in this area at least until the land is developed in urban planning and it can be built, according to company sources, a time when the land will have more value.

At the moment, they still have more than 100,000 m2 and point to a value of the plots of 8.85 million euros.