341
341
  • 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