Lighthouse Properties, through its wholly-owned Spanish subsidiary Mediterráneo Retail Property S.L.U., has completed the acquisition of Espacio Mediterráneo, a prime shopping centre in Cartagena, Spain, for €135.4m. Finalised on 27 June 2025, the deal marks a significant expansion in Lighthouse’s Iberian retail strategy, pushing the region to represent approximately 86% of its direct property portfolio.
The 36,984 m² asset, located in Murcia’s dynamic regional capital, is anchored by major Inditex brands, JD Sports, Primark and features a separately owned 13,549 m² Carrefour. Together with adjacent retail heavyweights like Media Markt and Leroy Merlin, the broader precinct offers nearly 100,000 m² of gross lettable space, attracting a catchment of around 460,000 residents. Its location in the Cabezo Beaza industrial zone ensures sustained footfall, high visibility and transport connectivity.
Structured as an asset deal, the transaction was financed through secured bank lending from Aareal Bank AG, using both Espacio Mediterráneo and Espai Gironès as collateral. The acquisition delivers a gross asset yield of around 7%, before transaction costs, aligning with Lighthouse’s strategy of acquiring resilient, regionally dominant retail properties in growing urban zones.
“The acquisition aligns with Lighthouse’s strategy of investing in dominant, regionally entrenched retail assets in economically resilient and growing urban areas,” the company stated in a release. Market consolidation across Europe is seeing weaker retail locations close, while centres like Espacio Mediterráneo strengthen their positioning. For developers, this reinforces the viability of targeted refurbishments or tenant mix strategies in surviving tier-two malls.
The property is currently managed by CBRE Spain, with budgeted net property income for 2026 forecast at €9.6m and net profit after tax at €5.9m. Approximately 93.5% of rental income is already contracted, providing security of cash flows. Lighthouse expects a stable revenue base, with average monthly rents sitting at €30.07/m², reflecting a competitive position within the local market.
The deal required no conditions precedent and was executed on the Signature Date. Legal advisory on the transaction was led by Ashurst LLP Spain, with Java Capital as JSE sponsor and Stonehage Fleming Malta Limited as company secretary. The acquisition confirms Lighthouse’s growing confidence in Iberian retail, supported by robust demographic and economic fundamentals that continue to attract long-term capital.
Companies mentioned:
Lighthouse Properties – Acquirer and owner of the asset
Mediterráneo Retail Property S.L.U. – Spanish acquisition vehicle
DekaBank Deutsche Girozentrale – Seller (via WestInvest subsidiary)
Aareal Bank AG – Acquisition financing
CBRE Spain – Property manager
Ashurst LLP Spain – Legal adviser
Java Capital – JSE sponsor
Stonehage Fleming Malta Limited – Company secretary
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