Deka Immobilien sells Spanish shopping centre to Lighthouse Properties

Deka Immobilien has sold the fully-leased Espacio Mediterráneo shopping centre in Cartagena, Spain, to Lighthouse Properties for €135.4 mln, reflecting a gross asset yield of approximately 7.0%.

Espacio Mediteraneo

This sale represents a strategic move for Deka Immobilien's WestInvest InterSelect fund, marking the completion of its disposal of all out-of-town shopping centres on the Iberian Peninsula. The transaction strengthens the fund's liquidity and generates capital gains.
Built in 2007, the two-level property offers approximately 49,551 m² of total rental space, including 31,460 m² of retail space, a food court, a cinema, and 1,508 parking spaces. The shopping centre is economically sound, boasting strong footfall, sales figures, and a diverse tenant mix. It is anchored by leading Inditex brands (Zara, Bershka, Pull&Bear, Stradivarius), JD Sports, and Primark.
The mall is situated within a larger retail precinct alongside retailers like Media Markt, Decathlon, and Leroy Merlin, creating a total retail offering of approximately 100,000 m² of gross lettable area.
Serving a catchment area of around 460,000 residents, Espacio Mediterráneo is situated in the Cabezo Baeza commercial district, located northeast of Cartagena's city centre and easily accessible within 10 minutes. The property benefits from excellent connectivity to regional and national infrastructure via the A7 and A30 highways, as well as proximity to Murcia Airport (18 minutes) and Alicante International Airport (within an hour).
The acquisition aligns with Lighthouse's strategy to invest in dominant retail assets in economically robust and growing urban areas. Following the acquisition, the Iberian region comprises approximately 86% of Lighthouse's direct property portfolio.
The acquisition was financed through bank financing from Aareal Bank, secured by mortgages against Espacio Mediterráneo and Espai Girones.