The Messi family ‘s firm Edificio Rostower manages assets worth some 235 million euros, among which are some of the properties that the star owns in Ibiza, such as the illegal mansion in Sant Josep. Recently the company began its transformation into a SOMICI, a type of limited liability company specifically for real estate that grants multiple benefits, especially tax benefits.
What is a SOMICI?
A Listed Real Estate Investment Company (SOCIMI) is a special type of corporation whose main activity is the direct or indirect investment in urban real estate assets for rental, including housing, commercial premises, residences, hotels, garages and offices, among others. These types of companies benefit from a favorable tax regime to encourage investment in the real estate sector. For example, they are exempt from corporate income tax provided that they meet certain requirements, such as distributing at least 80% of their profits in the form of dividends to shareholders. It should be noted that at least 80% of their assets must consist of urban real estate intended for lease and acquired in full ownership or of participations in companies that meet the same investment and profit distribution requirements. The minimum share capital to establish this type of company must be 5 million euros. SOCIMI shares are traded on the stock exchange, in a regulated market in Spain or Europe, which facilitates the purchase and sale of participations.
Messi’s properties in Ibiza
The firm Edificio Rostower, managed by Rodrigo Martin Messi, Lionel Messi‘s brother, has more than 235.5 million euros, according to El Confidencial. The luxury illegal mansion, a villa of 568 square meters, with a swimming pool of 92 square meters and a land area of almost 17,000 square meters, stands out. The star acquired it in February 2022 in exchange for about 11 million euros. The property already presented regularization problems due to unauthorized works carried out by the previous owner. The garage was transformed into additional rooms that did not appear in the original plans, which prevented the issuance of the final building permit and the certificate of occupancy. In addition, new works carried out by Messi, such as earthworks and the construction of terraces, were also done without the proper permit, which led to a stop-work decree issued by the City Council in May 2022. On the other hand, it has the MIM Ibiza boutique hotel, exclusively for adults. The same was acquired by the footballer in mid-2018. It has 52 rooms and is located a few meters from the beach of Figueretas, in addition to being close to the most famous nightclubs on the island.
