Lighthouse buys Carrefour hypermarket at Espacio Mediterráneo

Lighthouse, the South African investment fund focused on shopping centres, has acquired the Carrefour hypermarket at Espacio Mediterráneo in Cartagena for €19.5 million, thereby completing ownership of the entire complex.

The deal was formalised on 18 September through its Spanish subsidiary Mediterráneo Retail Property, S.L.U., in a public deed with Frey Mediterráneo, S.L.U.. In July Lighthouse bought the remainder of the centre from Deka for €135.4 million, but the hypermarket had been excluded from that transaction because it was owned by Frey.

The purchased unit comprises 13,549 m2 and is leased to Carrefour, the shopping centre's food anchor. Lighthouse reports an initial net yield of 7% (excluding transaction costs) and says integrating the asset strengthens operational control and long-term value creation.

Espacio Mediterráneo offers nearly 50,000 m2 of leasable space and more than 4,800 parking places, with major retail names such as Zara and Primark. The centre serves an estimated catchment of 460,000 people and is located near large retailers including Ikea, Media Markt and Leroy Merlin.

Although listed in Johannesburg, Lighthouse has concentrated 86% of its portfolio in Spain. Recent purchases include Torrecárdenas in Almería and Salera in Castellón. The group says the transaction reinforces its Iberian strategy and its capacity for integrated asset management.

Lighthouse forecasts that the acquisition will boost revenues and profits: it expects €6.6 million of revenue and €2.87 million of net profit in H2 2025, rising to €13.5 million of revenue and €5.8 million of profit in 2026, figures that underline the strategic value of consolidating ownership of the centre.