Investing.com – Argentine soccer star Lionel Messi has listed his real estate portfolio as a real estate investment trust (REIT) in Spain, with assets valued at €223 million ($232 million).
The REIT, called Edificio Rostower Socimi, includes a diversified portfolio of seven hotels, retail, office and residential properties.
Despite its prestigious owner, the company reported losses in 2022 and 2023.
Rostower shares were priced at €57.40 on December 30 and are listed on the Portfolio Stock Exchange, a smaller, digital-only Spanish exchange.
Bloomberg noted in its article that this is an unusual choice, as most Spanish REITs choose the more prominent BME growth index.
The move to establish Rostower as a real estate investment trust came quickly after the Spanish government's proposal to increase taxes on real estate funds was blocked in parliament.
REITs benefit from a favorable tax regime in Spain, which often incentivizes investors to list without having to raise funds.
Notably, Rostower lacks free float requirements, indicating that the listing serves to meet legal requirements for tax benefits. However, Reuters reported that the CEO of the stock exchange, Santiago Navarro, told them that the trust had informed the exchange that it planned to open up to new investors.
Messi's real estate investment trust is not yet traded. Navarro reportedly told Reuters that the exchange, which was launched in 2023 and is supervised by the Bank of Spain, allows trading only when a company aims to sell its shares or increase its capital.
