Investing.com — Argentine soccer star Lionel Messi has listed his real estate portfolio as a real estate investment trust (REIT) in Spain, valuing assets at $223 million ($232 million).
The REIT, called Edificio Rostower Socimi, includes a diverse portfolio of seven hotels, retail and office real estate, and residential buildings.
Without its honorable owner, the company reported losses in 2022 and 2023.
Rostower shares were worth 57.40 euros on December 30 and are listed on the Portfolio Stock Exchange, a small, digital-only Spanish stock exchange.
Bloomberg noted in its article that this is an unusual choice, as most Spanish REITs prefer the BME Growth index.
The move to establish Rostower as a REIT came shortly after the Spanish government's proposal to raise taxes on real estate trusts was blocked in parliament.
REITs benefit from the favorable tax regime in Spain, which often encourages investors to list without raising capital.
Notably, Rostower has no requirements for free float, suggesting that the listing is working to meet the legal requirements for tax relief. However, Reuters said that the chief executive of the Portfolio Stock Exchange, Santiago Navarro, told them that the trust told the exchange that it plans to open new investors.
Messi's REIT has not changed. Navarro is reported to have told Reuters that the exchange, launched in 2023 and managed by the Bank of Spain, allows trading only when a company intends to sell shares or raise its capital.