Eroski acquires the majority of the capital of Sergio Ramos' real estate company

The supermarket chain takes control of the 60% of the capital of Los Berrocales Real Estate Developments, after covering a capital increase and converting debt into a participating loan.

Sergip Ramos Berrocales

Eroski saves Sergio Ramos. the supermarket chain, through its company Cecosa Hypermarkets, participation has increased to 60% of capital in Los Berrocales Real Estate Developments (Dilb), a company of which the footballer was until now the maximum shareholder, según informa Five days.

After the losses of 19,1 million euros of 2019 for the loss of value of the land in the future neighborhood of Los Berrocales in Madrid, the company went into negative equity. The partners then decided to increase capital to wipe out those losses..

In this capital increase is when Eroski came to control the 60% of the real estate, as explained in the DILB accounts for the year ended January 2021. Previously, the distribution group controlled the 49%.

The former Real Madrid player reduces his participation in the 49,99% al 39,22% y su padre, Jose Maria Ramos Queen, reduce your capital 1,01% al 0,78%, so the Ramos family ceases to be the main shareholder of Dilb.

Also, Eroski has converted the DILB debt with the chain into a new participating loan, valid until 2025, por 5,5 millions of euros. A) Yes, in the event that this credit is not returned, the Basque cooperative could convert it into capital and control the 90% of the society.

Ramos entered Dilb in 2011 buying the 51% to the Lar Group. This urban development, where the construction of around 22.000 housing east of the capital has been bogged down for many years.

the new neighborhood, located southeast of Madrid, will require an investment throughout the life of the project that will rise to 5.300 millions of euros, which will entail the development of 8,3 million square meters.

news source: Ejeprime.com