Investing.com — Argentine football 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, named Edificio Rostower Socimi, includes a diversified portfolio of seven hotels, commercial real estate for shops and offices, 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 bourse.

Bloomberg notes in its article that this is an unusual choice, as most REITs in Spain opt for the more popular BME Growth index.

The move to establish Rostower as a REIT came quickly after a proposal by the Spanish government to increase taxes on real estate trusts was blocked by parliament.

REITs benefit from a favorable tax regime in Spain, which often encourages investors to list without having to raise funds.

Notably, Rostower lacks the free float requirements, suggesting that the list serves to meet the legal requirements for tax advantages. However, Reuters stated that the chief executive of the Portfolio Stock Exchange, Santiago Navarro, told them that the trust spoke of its exchange plan to open to new investors.

Messi’s REIT has yet to trade. Navarro reportedly told Reuters that the exchange, which was launched in 2023 and is managed by the Bank of Spain, allows trading only when a company seeks to sell shares or raise its capital.