South African Property Tycoon Barry Stuhler's Lighthouse Acquires 159 Million Mall In Spain

Lighthouse acquired Espacio Mediterrneo 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 Mediterrneo mall in Cartagena, Spain, for 135.4 million 159.2 million.

The transaction , finalized on June 27 through its wholly-owned subsidiary Mediterrneo Retail Property S.L.U., forms part of Lighthouses strategic drive to invest in regionally dominant, income-generating retail assets in fast-growing European cities.

The 36,984-square-meter mall, situated in Murcias 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 Mediterrneo joins a series of recent acquisitions in Spain, including Alcal Magna, a major shopping center in the Madrid metropolitan area acquired for 96.3 million 112.83 million in March , raising Lighthouses 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, Lighthouses total Spanish acquisitions this year amount to 231.7 million 271.5 million, underscoring the companys commitment to investing in regionally dominant retail assets. Together, these investments further consolidate Lighthouses leading position in the Iberian retail market.