Lionel Messi, the global football icon, has formally listed his real estate portfolio, valuing it at an impressive €223 million ($232 million).
This move offers a rare glimpse into Messi’s business ventures beyond the football field, as his company, Edificio Rostower Socimi, takes its place as a real estate investment trust (REIT).
Rostower Socimi: a growing real estate trust
Rostower Socimi owns a diverse portfolio including seven hotels, commercial real estate for shops and offices, and several residential properties, as outlined in its prospectus.
The company, however, has reported losses in both 2022 and 2023.
The REIT’s share price was established at €57.40 on December 30th, on the Portfolio Stock Exchange, a relatively small, digital-only Spanish bourse.
A global journey, rooted in Spain
While Messi was born in Argentina and is currently based in Miami playing for Inter Miami, his ties to Spain remain strong.
He spent the majority of his life in Spain, moving there at the age of 12 to join FC Barcelona’s youth teams.
Following a two-year stint in Paris, he moved to Miami in 2023, only weeks after leading Argentina to victory in the 2022 World Cup.
Messi’s arrival in Miami has had a significant impact, boosting interest and business for his Inter Miami team and the MLS more broadly.
A different path in business
Unlike some other sports stars, such as Cristiano Ronaldo, Messi has traditionally maintained a more low-key approach to business investments.
The listing of Rostower happened relatively quickly, the firm only became a REIT in mid-December, days after an attempt by the Spanish government to increase the tax on real estate trusts was blocked in parliament.
The speed of this process demonstrates Messi’s ability to move quickly when an opportunity arises.
Strategic listing for tax benefits
Investors often list REITs to fulfill the necessary legal requirements and take advantage of the special tax regime in Spain, rather than to raise capital.
According to data from the Portfolio Stock Exchange website, Messi’s company has no free float requirements, further emphasizing the strategic nature of this move.
An unconventional listing choice
The choice of the Portfolio exchange for the listing is notable, as it’s smaller and lesser known compared to the BME Growth index which is more popular with REITs in Spain.
This unusual choice seems to indicate a deliberate strategy that is specific to Messi’s business goals. Messi serves as the chairman of Rostower’s board, with his wife also holding a seat.
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