Lighthouse acquires mall in Spain for $183.8 million

Feyisayo Ajayi -
Key Points
  • Lighthouse Properties has acquired Espai Gironès Mall in Girona, Spain, for €168.2 million ($183.8 million) through its subsidiary, Girona Retail Property S.L.U.
  • The mall offers 40,341 square meters of retail space with key tenants like Primark and Zara, enhancing Lighthouse's focus on dominant retail centers.
  • With this acquisition, 76% of Lighthouse Properties' assets are now based in the Iberian Peninsula, boosting its portfolio across Europe's resilient economies.

Lighthouse Properties, a real estate firm based in Malta and led by South African businessman Barry Stuhler, has expanded its presence in Europe by acquiring Espai Gironès Mall in Girona, Spain. The €168.2-million ($183.8 million) deal was finalized through the company's Spanish subsidiary, Girona Retail Property S.L.U., marking a strategic step in the firm's growth.

The mall was purchased from Commerz Real Investment GmbH, which manages the German real estate fund hausInvest. With a net initial yield of 7.2 percent based on projected net operating income starting in January 2025, the acquisition aligns with Lighthouse’s strategy of focusing on retail assets in economically resilient areas.

Boosting retail assets across the Iberian Peninsula

Espai Gironès, located near the AP-7 motorway linking France and Barcelona, offers 40,341 square meters of retail space. Its key tenants include global brands like Primark, Zara, JD Sports, Bershka, and FNAC. A 5,000-square-meter Alcampo Hypermarket, opened earlier in 2024, has already increased foot traffic and sales, underscoring the mall’s appeal to shoppers.

The acquisition strengthens Lighthouse’s strategy of targeting dominant retail centers in Europe’s robust economies. With this deal, the Iberian Peninsula now makes up 76 percent of the value of the firm’s directly owned assets, positioning the company to benefit from ongoing retail consolidation trends across Europe.

Barry Stuhler leads global real estate push

Under Barry Stuhler, Lighthouse Properties has grown into a key player in the global real estate market. Founded as Lighthouse Capital and rebranded in 2021 to reflect a new strategic direction, the firm manages a portfolio spanning France, Portugal, Slovenia, Spain, and the UK. Stuhler holds a 6.37-percent stake in the company, amounting to more than 102 million shares.

The acquisition of Espai Gironès Mall strengthens Lighthouse’s portfolio and underscores its focus on resilient retail assets in Europe. The mall is projected to generate €2.9 million ($3.18 million) in revenue in Q4 2024 and €13.4 million ($14.7 million) in 2025, aligning with Lighthouse’s strategy of sustainable returns for shareholders.