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Key Points
- Lighthouse acquired Espacio Mediterráneo in Cartagena for €135.4 million ($159.2 million), boosting its Iberian exposure to 86% and owning dominant retail centers.
- The mall spans nearly 37,000 square meters with tenants like Zara, Primark, and JD Sports, and is expected to yield a 7% gross return annually.
- The acquisition, financed partly through a €61.3 million ($71.91 million) Aareal Bank facility, is projected to deliver $15.86 million in revenue and $6.9 million profit in 2026.
Lighthouse Properties, the Malta-based real estate firm steered by South African property tycoon Barry Stuhler, has expanded its Iberian portfolio with the acquisition of Espacio Mediterráneo mall in Cartagena, Spain, for €135.4 million ($159.2 million).
The transaction, finalized on June 27 through its wholly-owned subsidiary Mediterráneo Retail Property S.L.U., forms part of Lighthouse’s strategic drive to invest in regionally dominant, income-generating retail assets in fast-growing European cities.
Espacio Mediterráneo deal deepens Iberian dominance
The 36,984-square-meter mall, situated in Murcia’s provincial capital, features top-tier tenants including Inditex brands (Zara, Bershka, Pull&Bear, Stradivarius), JD Sports, Primark, and shares its precinct with major retailers such as MediaMarkt and Decathlon. A 13,549-square-meter Carrefour hypermarket located within the same complex is under separate ownership and excluded from the transaction.
Espacio Mediterráneo joins a series of recent acquisitions in Spain, including Alcalá Magna, a major shopping center in the Madrid metropolitan area acquired for €96.3 million ($112.83 million) in March, raising Lighthouse’s Iberian exposure to 86 percent of its direct property portfolio. The latest transaction is expected to deliver a gross asset yield of 7 percent and was partly financed through a €61.3 million ($71.9 million) facility secured from Aareal Bank AG.
With this latest deal, Lighthouse’s total Spanish acquisitions this year amount to €231.7 million ($271.5 million), underscoring the company’s commitment to investing in regionally dominant retail assets. Together, these investments further consolidate Lighthouse’s leading position in the Iberian retail market.
Mall projected to boost revenue and returns
Financial projections for the newly acquired asset point to strong performance, with revenue estimated at €6.65 million ($7.8 million) and distributable profit of €2.88 million ($3.38 million) for the second half of 2025 alone. For the full year 2026, revenue and profit are forecast at €13.52 million ($15.86 million) and €5.88 million ($6.9 million), respectively.
The transaction supports Lighthouse’s growth momentum in Spain, where retail sales rose 9.6 percent year-on-year for the five months to May 2025, underpinned by new store openings, rising footfall, and economic outperformance relative to the broader Eurozone.
Lighthouse continues strategic European expansion
Under the leadership of Barry Stuhler—who owns a 6.37 percent stake—equivalent to over 102 million shares—Lighthouse Properties has evolved from its original incarnation as Lighthouse Capital Limited into a focused investor in high-quality retail assets across Spain, Portugal, France, Slovenia, and the UK.
The Espacio Mediterráneo acquisition cements Lighthouse’s position in Spain’s retail property sector at a time of intensifying investor competition and compressed yields. The firm’s disciplined, yield-focused approach and proactive asset management are expected to deliver sustainable income and long-term value for shareholders.
