• Transaction / Assets
    Desarrollos Inmobiliarios Los Berrocales SL
  • Seller
    Sergio Ramos
  • Buyer
    Kronos Homes
  • € MM
    8

Sergio Ramos Agrees to Sell Failed Developer to Kronos Homes

16 September 2019 Sergio Ramos, the footballer who plays for Real Madrid, has reached an agreement with Kronos Homes to sell a 51% stake in Desarrollos Inmobiliarios Los Berrocales SL. The developer owns half a million square meters in Vicálvaro, Madrid, and has debts of 39 million euros.

Kronos Homes will buy the 49.99% stake owned by Sergio Ramos himself and another 1% from his father and advisor, José María Ramos. The two invested 6.5 million euros in the real estate developer more than ten years ago. Kronos Homes has agreed to pay €2.5 million for the stake, leaving the footballer with 46,250 square meters of the land.

The fund also agreed to acquire that land at a gross price of 120 euros per square meter within four years, about double the amount Kronos had already paid for Proinsa (€51/m2). In total, therefore, Sergio Ramos will receive eight million euros by 2023. However, Ramos also owes interest on the original €30-million loan from Banco Pastor, totalling approximately 9 million euros.

Original Story: El Confidencial – Agustín Marco

Adaptation/Translation: Richard D. K. Turner

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