Lighthouse completes $72.6 million sale of Planet Koper mall in Slovenia

Omokolade Ajayi -
Key Points
  • Lighthouse Properties completes the sale of Planet Koper Mall in Slovenia to AC2 for $72.6 million, marking a strategic portfolio shift.
  • The disposal aligns with Lighthouse's strategy to optimize asset allocation and fund acquisitions in the Iberia market enhancing shareholder value.  
  • Lighthouse shifts focus to high-growth European markets, divesting assets without key retail anchors.

Lighthouse Properties, a Malta-based real estate firm led by South African businessman Barry Stuhler, has completed the €68.75 million ($72.59 million) sale of its Planet Koper mall in Slovenia. The transaction, finalized through its wholly-owned subsidiary Lighthouse Investments, marks the effective transfer of ownership to the purchaser, AC2 on Nov. 29, 2024.

Announced on July 22, 2024, the sale marks Lighthouse’s shift from non-core assets to high-growth markets. Despite Planet Koper’s prominence in Slovenia’s Koper, its lack of anchor tenants like Zara and Primark misaligned with Lighthouse’s retail strategy. Proceeds will fund acquisitions in Iberia, a key growth focus.

Lighthouse refines portfolio with Planet Koper sale

The asset deal transferred Planet Koper to AC2, a partnership between ALFI RE and Croatia’s Plavi Real Estate, each holding 50 percent. €22.2 million ($23.42 million) from the €68.75 million ($72.63 million) sale proceeds settled the Banka Sparkasse facility tied to the mall.

Planet Koper, a 31,223-square-meter retail property, earned €4.8 million ($5.06 million) in 2023 and was valued at €69.3 million ($73.12 million) by iO Partners, aligning with its fair market value.

Lighthouse, now prioritizing high-growth regions like Portugal and Spain, divested the Slovenia-based mall despite its strategic location and significant revenue contributions. This move reflects Lighthouse's strategy to focus on markets with stronger economic resilience and tourism-driven retail demand.

Barry Stuhler leads global real estate push

Under Barry Stuhler, Lighthouse Properties has become a global real estate leader with a diversified portfolio across France, Portugal, Slovenia, Spain, and the UK. Stuhler holds a 6.37 percent stake, equating to over 102 million shares.

Despite Europe's economic pressures, Lighthouse declared $25.2 million in dividends in H1 2024, showcasing strong capital discipline and operational efficiency.

The successful sale of Planet Koper underscores its agility in executing complex transactions and optimizing its asset base. Focused on high-growth European markets, Lighthouse continues to deliver long-term value through strategic expertise and portfolio diversification.