Lighthouse Properties, through a wholly-owned Spanish subsidiary, Girona Retail Property S.L.U., entered into a notarial deed of sale with Commerz Real Investment GmbH to acquire a mall known as Espai Gironès. The 40.341 m² Mall, includes a 5 000 m² Alcampo Hypermarket, as well as retailers such as Primark, Zara, Bershka, Pull&Bear, Stradivarius, JD Sports and FNAC. Primark and Alcampo opened in 2022 and 2024, respectively, which continues to support the Mall’s sales and footfall growth. The Mall dominates the catchment being the only significant mall offering in Girona.
The Property fits well within Lighthouse’s strategy of investing in dominant malls in growing cities with a strong economic underpin. Like all other malls in Lighthouse’s Iberian portfolio, Espai Gironés’ offering includes both key retailers, Primark and Zara, which confirms the Mall’s dominance and positions the Mall well to take advantage of the retailer consolidation trend in Europe.
Following the Company’s recent acquisitions in Iberia, this Acquisition will further increase the Company’s Iberian exposure to 76% of the value of Lighthouse’s directly held properties.for a property purchase consideration of EUR 168.2 million. The Seller is the management company of the German real estate investment fund hausInvest, an open-end investment fund managed by the Seller, which through its Spanish branch is the beneficial owner of the Property.
The Purchase Consideration represents an annualised net initial yield of 7.2% (post transaction costs) based on the 12-month projected net operating income beginning from January 2025. The Acquisition is structured as an asset deal and the Property was transferred to the Purchaser on Signature Date.
ESPAI GIRONÈS
Espai Gironés is located on the outskirts of the provincial capital, Girona, adjacent to the major AP-7 motorway that connects France to the greater Barcelona region.
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