Sergio Ramos' investment in the future Los Berrocales neighborhood in Madrid is not being profitable at all for the footballer and captain of Real Madrid. His company Desarrollos Inmobiliarios Los Berrocales lost 19.1 million euros in the last accounting close on January 31, 2020, according to the accounts presented by the Mercantile Registry.
The loss 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, compared to the acquisition price of these land. Sergio Ramos, who is the majority shareholder of this company, with 49.99% of the capital through Sermos 32; José María Ramos, father of the soccer player and president of the company, has 1.01% of the capital, and finally Cecosa Hipermercados (Eroski) with 49%.
The real estate company 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, as that neighborhood has been developing for two decades in terms of urban development and has no development business yet, 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 share capital. The injection of the partners was around 1.5 million euros, they explain from the company.