Blackstone controls the land for project Los Berrocales in Madrid

Blackstone controls the land for project Los Berrocales in Madrid

The transfer of ownership was concluded last March and includes cancelling the unpaid debt generated by the 35 million euro mortgage credit contracted by society Desarrollos Inmobiliarios Los Berrocales (DILB) – of which football player Sérgio Ramos is a shareholder – with the now-extinct Banco Pastor.

The bank’s crisis led to the credit being transferred first to Banco Popular and then to Santander. According to newspaper Cinco Días, 51% of this credit was finally transferred to giant Blackstone through project Quasar.

Los Berrocales is one of the 22 housing neighbourhoods approved during the 90’s for the construction of 22.000 new dwellings. After spending several years on the shelf, the municipality now promises to get it under way counting on 4.400 million euro, originating mainly from privates.

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