Football star Lionel Messi listed his real estate properties, valuing the portfolio at €223 million (equivalent to around R$1.43 billion).
The company, called Rostower Socimi Buildinghas been registered as a real estate investment trust (REIT) and owns seven hotels, commercial real estate for stores and offices, as well as residences, according to its prospectus. Rostower recorded losses in both 2022 and 2023.
The REIT’s share price was set at €57.40 on December 30 on a small Spanish digital exchange called the Portfolio Stock Exchange.
Although he was born in Argentina and currently resides in Miami, where he plays for a local team, Messi spent much of his life in Spain, where he moved at the age of 12 to join FC Barcelona’s youth squad. After two years in Paris, he went to Miami in 2023, just weeks after leading Argentina to win the 2022 World Cup.
His arrival in Miami generated a boom in interest and business for the Inter Miami team and, more broadly, for MLS, the main football league in the USA.
Messi has traditionally taken a more discreet approach to his investments than other sports stars such as his Portuguese rival Cristiano Ronaldo.
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Messi’s decision to list Rostower happened relatively quickly. The company became a REIT in mid-December, just days after an attempt by the Spanish government to increase taxes on real estate funds was blocked in parliament. Currently, REITs have a special tax rate, lower than that applied to other companies in Spain.
Investors generally list REITs to meet legal requirements and benefit from the special tax regime in Spain, rather than to raise capital. According to data from the Portfolio Stock Exchange website, Messi’s company does not have free float requirements.
The choice of the Portfolio exchange for the listing is unusual as it is smaller and less well-known than the BME Growth index, popular among REITs in Spain.
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Messi serves as chairman of the Rostower board, with his wife also holding a seat.
© 2024 Bloomberg L.P.
