Wiesbaden, 11 August 2026 – Aareal Bank AG has successfully arranged a €128 million top-up facility for Lighthouse Properties plc to support the refinancing of its Nexus Portfolio through the addition of two high-quality malls in Spain.
Lighthouse Properties plc is an international property investment and asset management company focused on dominant and defensive malls in large Western European cities with a strong economic underpinning and growth.
The portfolio previously comprised three malls in Cartagena, Girona and Madrid, with an existing loan of €206 million. Following the closing of the new facility on 9 July 2026, the bank’s total exposure to the portfolio now stands at €334 million.
The additional assets are Torrecardenas mall in Almería and Alcalá Magna mall in Madrid. Torrecardenas, built in 2018 and acquired by Lighthouse Properties in 2022, comprises 61,238 sqm across a retail park and a two-level mall. Alcalá Magna, a 32,743 sqm in-town mall in the Madrid suburb, was refurbished in 2019 and acquired in 2025. Both assets are anchored by leading international tenants, including Primark, Zara, Leroy Merlin, and Bershka.
The Nexus Portfolio now comprises five prominent malls across Spain: H2O in Madrid, Espai Gironès in Girona, Espacio Mediterráneo in Cartagena, Torrecardenas in Almería and Alcalá Magna in Madrid.
All assets within the Nexus Portfolio are certified BREEAM ‘Very Good’ or ‘Excellent’, and the financing qualifies as a 100% Green Loan, underlining the portfolio’s strong ESG credentials and Aareal Bank’s continued commitment to sustainable financing.
“This transaction demonstrates the quality of our partnership with Lighthouse Properties and our continued confidence in high-quality, ESG-compliant retail assets in Spain,” said Martin Vest, Managing Director Euro Hub at Aareal Bank. “By expanding the Nexus Portfolio financing, we are supporting a well-diversified portfolio of prominent retail destinations with strong tenant demand.”
"We are pleased to further expand our relationship with Aareal Bank through this refinancing," said Dawie Swarts, Chief Financial Officer of Lighthouse Properties plc. "The facility consolidates our leading Spanish malls under a single financing platform, enhancing operational and financial flexibility while reinforcing the strength of our portfolio. The transaction reflects the quality of our assets, the resilience of our cash flows and our disciplined approach to capital management."
Aareal Bank acted as arranger, facility agent, and security agent. Cuatrecasas provided legal advice, and Knight Frank acted as valuation advisor.
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