Investing.com — Argentina soccer star Lionel Messi listed his real estate portfolio as a real estate investment trust (REIT) in Spain, valuing the assets at 223 million euros ($232 million).
The REIT, called Edificio Rostower Socimi, includes a diversified portfolio of seven hotels, commercial properties for shops and offices, and residential properties.
Despite the prestigious owner, the company recorded losses in 2022 and 2023.
Rostower shares were priced at €57.40 on December 30 and were listed on the Portfolio Stock Exchange, a smaller, digital-only Spanish exchange.
Bloomberg pointed out in its article that this is an unusual choice, as most Spanish REITs opt for the more prominent BME Growth index.
The move to establish Rostower as a REIT came quickly after the Spanish government’s proposal to increase taxes on real estate trusts was blocked in parliament.
REITs benefit from Spain’s favorable tax regime, which often encourages investors to list without necessarily raising funds.
Namely, Rostower lacks free movement requirements, suggesting that the listing serves to fulfill the legal prerequisites for tax relief. However, Reuters reported that the CEO of the Portfolio Stock Exchange, Santiago Navarro, told them that the commission had informed the exchange that it planned to open to new investors.
Messi’s REIT has yet to trade. Navarro reportedly told Reuters that the stock exchange, launched in 2023 and overseen by the Bank of Spain, only allows trading when a company intends to sell shares or raise its capital.
