Real estate investment firm Lighthouse Properties has finalized the purchase of Alegro Montijo, a shopping centre located in Montijo in the Greater Lisbon area, for €177.8 mln.
The asset was acquired with a net initial yield of 7.2%. To finance the purchase, a new loan of up to €83.5 mln was secured from a consortium of lenders. The 7-year loan has a fixed interest rate of 9.8%.
The deal was finalized through a share agreement, with wholly-owned subsidiary Lighthouse Netherlands acquiring 100% of Alegro Montijo's ownership and associated rights. Legal advice was provided by PLMJ's Real Estate team.
The Iberian portfolio will, post-acquisition, constitute 72.2% of the pro rata fair value of Lighthouse’s directly held properties.
Alegro Montijo has continued to attract more visitors, with foot traffic increasing by 9.6% in August 2024 compared to the same period last year. The opening of a Primark store in October is expected to further boost footfall and the mall's popularity.
Lighthouse is currently negotiating the purchase of another mall in the Iberian Peninsula and anticipates signing an agreement soon, with the deal expected to close in October 2024.
Earlier this year, Lighthouse concluded the acquisition of two malls in Spain, Salera (50% share) for €87.2 mln and H2O for €121.6 mln. It also divested Planet Koper shopping mall in Slovenia for €68.7 mln, as part of its strategy to focus on dominant and defensive malls in growing regions with a strong economic underpin.
Malta-based Lighthouse Properties focuses on shopping malls in major Western European cities in Spain, Portugal, and France. The company’s portfolio includes shopping centers like Forum Coimbra, Torrecardenas, Saint Sever, Rivetoile, Docks 76, and Docks Vauban.
