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 at the end of last month, the deal marks a significant expansion in Lighthouse’s Iberian retail strategy, pushing the region to represent approximately 86 per cent of its direct property portfolio.
The 36,984sq m asset, located in Murcia’s dynamic regional capital, is anchored by major Inditex brands, JD Sports, Primark and features a separately owned 13,549sq m Carrefour. Together with adjacent retail heavyweights like Media Markt and Leroy Merlin, the broader precinct offers nearly 100,000sq m 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 seven per cent, before transaction costs, aligning with Lighthouse’s strategy of acquiring resilient, regionally dominant retail properties in growing urban zones.
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 per cent 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 per square metre, reflecting a competitive position within the local market.
