We started both halves well and carved out the best chance of the game inside two minutes - Erik Lamela firing over from close range - but in the end, goals from Jese on 35 minutes and Gareth Bale on 78 consigned us to a 2-0 loss at the Allianz Arena.
Hosts Bayern Munich beat AC Milan 3-0 in the second game so we will take on the Italian giants in the third/fourth place match back at the Allianz Arena tomorrow (Wednesday, August 5, 5.15pm UK time) before Bayern meet Real in the final.
Despite the defeat, Mauricio said the team took another step in the right direction - with the path leading to Manchester and our Premier League opener against United at Old Trafford on Saturday.
“I thought the first 30 minutes were great and we played very well,” said Mauricio. “We created many chances to score but it’s true, when you have this type of team in front of you, this type of player, when you make some kind of mistake you always pay for it.
“We played well and when we assess the full 90 minutes there are plenty of positives for us, a great experience to compete against these world-class players.
“We need to be more consistent and in the last 20 metres we need to score, we need to be more aggressive, but we are in a good way. You have to understand that in front of us is Real Madrid and we’re a little frustrated by the result, but there are a lot of positives.”