Key Point
- Lighthouse Properties acquires Alegro Montijo mall in Portugal, reinforcing its expansion and strengthened portfolio in the Iberian market.
- The purchase increased Lighthouse’s exposure to the Iberian market, constituting 72.2 percent of the pro rata fair value of its directly held properties.
- Alegro Montijo’s financial projections indicate a promising revenue of $6.1 million and a net profit of $3.6 million for the remaining five months of 2024.
Lighthouse Properties, a Malta-based real estate firm led by South African tycoon Barry Stuhler, has finalized the acquisition of Alegro Montijo mall in Portugal for €177.8 million ($192.24 million).
The deal, completed through Lighthouse’s subsidiary Lighthouse Netherlands B.V., includes the entire ownership of Alegro Montijo – Gestão de Centro Comercial, Sociedade Unipessoal, Lda. (OpCo), which controls 45,469 square meters of the mall’s total 62,433 lettable area.
Alegro Montijo acquisition strengthens portfolio
The transaction strategically expands Lighthouse’s European footprint, focusing on dominant and defensive retail properties in economically robust regions. Alegro Montijo, known for its diverse tenant mix featuring popular brands like Zara, Bershka, Stradivarius, Pull&Bear, and upcoming Primark stores, excludes the separately owned Continente Hypermarket.
This acquisition reinforces Lighthouse’s position in the Iberian market, where the company’s directly held properties will now constitute over 72 percent of its portfolio. The move is projected to yield a healthy 7.2 percent net initial yield, leveraging Lighthouse’s strong cash reserves for financing.
Financial forecasts indicate promising performance for Alegro Montijo, with anticipated revenues of €5.6 million ($6.1 million) and net profits of €3.3 million ($3.6 million) for the remainder of 2024, translating to projected full-year revenues of €13.9 million ($15 million).
Lighthouse Properties bolsters European presence with
Headquartered in Malta, Lighthouse Properties has solidified its position as a key player in global real estate under Barry Stuhler’s leadership. Originally founded as Lighthouse Capital Limited, the company rebranded in December 2021 to better reflect its focus on direct property assets and listed real estate and infrastructure securities.
With a portfolio of retail assets across France, Portugal, Slovenia, Spain, and the United Kingdom, Lighthouse Properties continues to thrive in the global real estate sector. Notably, Stuhler holds a 9.72-percent stake in the company, totaling 172,699,222 shares.
The strategic acquisition of Alegro Montijo, a shopping mall in Portugal, marks a significant milestone for Lighthouse Properties. It strengthens the company’s portfolio in the Iberian market and positions it to capitalize on emerging opportunities and deliver robust returns to shareholders.
