Lighthouse Properties, led by South African investor Barry Stuhler, has moved into Europe with the acquisition of Espai Gironès Mall in Girona, Spain. The €168.2 million ($183.8 million) transaction was completed through the company’s Spanish subsidiary, Girona Retail Property S.L.U., and represents a key step in the firm’s growth.
The mall was purchased from Commerz Real Investment GmbH, which oversees the German real estate firm hausInvest. With a net initial yield of 7.2% based on estimated net operating income beginning in January 2025, the acquisition is consistent with Lighthouse’s strategy of focusing on retail assets in economically robust areas.
Espai Gironès, located near the AP-7 motorway that connects France and Barcelona, with 40,341 square meters of retail space. Its main tenants include major brands such as Primark, Zara, JD Sports, Bershka, and FNAC. A 5,000-square-meter Alcampo Hypermarket, which opened earlier in 2024, has already improved foot traffic and sales, demonstrating the mall’s attraction to shoppers.
The acquisition enhances Lighthouse’s strategy of focusing on leading retail centers in Europe’s healthy economies. With this transaction, the Iberian Peninsula now accounts for 76 percent of the value of the company’s directly owned assets, positioned it to gain from continued retail consolidation trends in Europe.
Under Barry Stuhler’s leadership, Lighthouse Properties has emerged as a major player in the global real estate market. Founded as Lighthouse Capital and rebranded in 2021 to reflect a new strategic orientation, the firm maintains a portfolio across France, Portugal, Slovenia, Spain, and the United Kingdom. Stuhler has a 6.37 percent ownership in the corporation, which translates to more than 102 million shares.
Lighthouse’s portfolio is strengthened with the acquisition of Espai Gironès Mall, which emphasizes the company’s concentration on European retail assets that are resilient. The mall is expected to earn €2.9 million ($3.18 million) in revenue in Q4 2024 and €13.4 million ($14.7 million) in 2025, in line with Lighthouse’s aim of delivering sustainable returns to shareholders.