Lighthouse Properties

What Lighthouse Properties does

Lighthouse Properties p.l.c. is a Malta-domiciled, JSE-listed real estate investment trust (REIT) that acquires and operates a portfolio of dominant shopping malls in Western Europe. The company's twelve named assets span Spain (Torrecárdenas, Espai Gironès, Espacio Mediterráneo, H₂O, Alcalá Magna, Salera), Portugal (Forum Coimbra, Forum Montijo), and France (Saint Sever, Rivetoile, Docks Vauban, Docks 76), representing approximately 110,000 sqm of gross lettable area. Lighthouse's predecessors include Greenbay Properties (listed on the Stock Exchange of Mauritius from 2015) and Lighthouse Capital Limited, with the entity redomiciled to Malta on 30 December 2021 under its current legal form. The company has a primary listing on the JSE Main Board (share code LTE, ISIN MU0461N00015) and a secondary listing on A2X, providing institutional and retail investors with access to a defensive, geographically diversified European retail real estate vehicle.

Lighthouse generates revenue almost exclusively through rental income from retail tenants occupying its malls — anchor tenants, fashion retailers, food and beverage operators, entertainment providers, and service providers. As a REIT, the bulk of distributable income is passed through to shareholders via periodic distributions funded by net rental income. The company's GTM motion is institutional: it targets shareholders and capital providers through an investor relations apparatus (results presentations, AGM, JSE announcements, integrated reporting) rather than commercial sales channels. Tenant-facing customer acquisition occurs through direct leasing relationships and on-site asset management.

On the technology side, Lighthouse is a physical-asset operator rather than a software company. Its notable technical layer is a sustainability and energy-efficiency stack: 2,988kWp of installed solar PV capacity across six malls generated 3,524,244kWh of green energy and avoided 121,244 metric tons of CO₂e in 2025; smart building management systems capture real-time energy consumption; and nine of twelve assets hold valid BREEAM In-Use certifications as of 31 December 2025. The company also runs a waste-recycling program (52% recycled in 2025, up from 45% in 2024) and tenant-facing partnerships such as Tesla EV chargers (40 stations at Espai Gironès) and Too Good To Go (food waste reduction at Docks 76). The core operating subsidiaries are Lighthouse Properties One Limited (holding) and Retail Property Investments SAS (France).

Name

Lighthouse Properties

Legal name

Lighthouse Properties p.l.c.

Website

https://lighthouse.mt

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

51–100 employees

Short description

Lighthouse Properties p.l.c. is a Malta-domiciled, JSE-listed REIT that owns and operates 12 dominant shopping malls across Spain, Portugal, and France, generating rental income from retail tenants and distributing returns to shareholders via periodic payouts.

Ownership category

akta.pro rank

Product category

Retail Real Estate (Shopping Mall REIT)

NAICS

Real Estate Property Managers (53131), Portfolio Management and Investment Advice (523940)

SIC

Real Estate Investment Trusts (6798), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Specialty & Entertainment Venue Property Management (BPAJAGAO)

Keywords

• Retail real estate
• Shopping mall investments
• REIT management
• Commercial property leasing
• Western European retail

Headquarters

HQ city

Nieuw-amsterdam

HQ country

Netherlands

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Rental Income from Mall Tenants: The company generates revenue primarily through rental income from retail tenants occupying space in its shopping malls across Western Europe. As a Real Estate Investment Trust (REIT), distributions are made to shareholders from rental income generated by the portfolio.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Lighthouse Properties p.l.c. is a Malta-domiciled REIT that acquires, owns, and manages a portfolio of 12 dominant and defensive shopping malls across Western Europe (Spain, Portugal, and France), with a total gross lettable area of approximately 110,000. The company leases retail space to anchor tenants, fashion retailers, F&B operators, entertainment providers, and service providers, generating rental income that is distributed to shareholders, and pursues asset management initiatives including solar PV installations, smart building management systems, and BREEAM In-Use certifications to evolve its malls to changing retailer and consumer demands.

Product overview

Lighthouse Properties p.l.c. is a Malta-domiciled real estate investment trust (REIT) listed on the JSE Limited, operating as a direct investor in dominant and defensive shopping malls across Western Europe. The company manages a portfolio of 12 physical retail properties located in Spain, Portugal, and France, totaling 110 gross lettable area across 2 countries. The product portfolio consists of 12 named shopping centers (Torrecárdenas, Espai Gironès, Espacio Mediterráneo, H₂O, Alcalá Magna, Salera, Forum Coimbra, Forum Montijo, Saint Sever, Rivetoile, Docks Vauban, and Docks 76), each representing individual mall assets where the company serves as landlord to retail tenants. The company does not operate a technology product or software platform; rather, its 'products' are physical retail real estate assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Torrecárdenas Shopping Mall (Almeria, Spain) Dominant shopping mall located in Almeria, Spain, forming part of Lighthouse Properties' portfolio of Western European retail investments; leased to anchor tenants, fashion retailers, F&B operators, and entertainment providers.
• Espai Gironès Shopping Center (Girona, Spain) Shopping center located in Girona, Spain, representing one of Lighthouse Properties' retail property investments; the asset features 40 Tesla charging stations (including 16 superchargers and 24 standard chargers) for electric vehicle owners visiting the mall.
• Espacio Mediterráneo Shopping Center (Cartagena, Spain) Retail shopping center in Cartagena, Spain, forming part of the company's Western European mall portfolio; a separate hypermarket unit acquisition was announced in September 2025.
• H₂O Shopping Mall (Madrid, Spain) Shopping mall in Madrid, Spain, representing a key asset in the Lighthouse Properties portfolio with BREEAM certification valid until February 2029.
• Alcalá Magna Shopping Center (Madrid, Spain) Retail shopping center located in Madrid, Spain, serving as one of the company's Western European mall investments.
• Salera Shopping Center (Castellón, Spain) Shopping center in Castellón, Spain, forming part of the Lighthouse Properties retail portfolio; BREEAM certification issued on 13 February 2026.
• Forum Coimbra Shopping Center (Coimbra, Portugal) Shopping center located in Coimbra, Portugal, representing the company's investment in Portuguese retail properties.
• Forum Montijo Mall (Lisbon, Portugal) Shopping center in Lisbon, Portugal, forming part of Lighthouse Properties' Western European investment portfolio.
• Saint Sever Shopping Center (Rouen, France) Shopping center in Rouen, France, representing one of the company's French retail property investments.
• Rivetoile Shopping Center (Strasbourg, France) Shopping center in Strasbourg, France, forming part of the Lighthouse Properties Western European mall portfolio.
• Docks Vauban Shopping Center (Le Havre, France) Shopping center in Le Havre, France, representing a key retail investment in the company's portfolio.
• Docks 76 Shopping Center (Rouen, France) Shopping center located in Rouen, France, forming part of the Lighthouse Properties retail property portfolio, with ISO 14001 environmental management system in place.

Quantifiable outcome

• 2,988kWp solar PV capacity generating 3,524,244kWh of green energy and avoiding 121,244 metric tons CO2e emissions in 2025
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Too Good To GominorStrategic or Co-development PartnerPartnership with Too Good To Go programme at Docks 76 mall to minimize food waste from restaurants through the 'Too Good To Go' app-based platform connecting consumers with surplus food from restaurants.
• TeslaminorStrategic or Co-development PartnerInstallation of 40 Tesla charging stations at Espai Gironès mall, including 16 superchargers and 24 standard chargers for electric vehicle owners visiting the mall.
• PricewaterhouseCoopers MaltacoreOthersExternal auditors providing audit services. Located at 78 Mill Street, Zone 5, Central Business District, Qormi, CBD 5090, Malta.
• JSE Investor Services Proprietary LimitedcoreOthersTransfer secretary services for share registry management. Located at 5th Floor, One Exchange Square, 2 Gwen Lane, Sandown, Johannesburg, South Africa.
• Java Capital Trustees And Sponsors Proprietary LimitedcoreOthersJSE sponsor services for regulatory compliance and exchange listing maintenance. Located at 6th Floor, 1 Park Lane, Wierda Valley, Sandton, South Africa.
• Finco Trust Services LimitedcoreOthersCompany secretary services. Located at The Bastions Office No. 2, Emvin Cremona Street, Floriana, FRN 1281, Malta.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Eurocommercial Properties: Dutch-listed REIT focused on shopping centres in Italy, France and Spain. Highly comparable to Lighthouse on regional Iberian/French mall exposure and asset-management-led value creation strategy, though at a smaller mid-cap scale.
• Lar España Real Estate: Spain-listed SOCIMI focused exclusively on dominant retail assets in Spain. Highly comparable to Lighthouse on Spanish retail concentration, SOCIMI tax efficiency and mid-cap mall-portfolio scale.
• Hammerson: UK-listed REIT specialising in prime urban shopping centres and retail parks across the UK, Ireland and continental Europe. Directly comparable to Lighthouse as a focused mall REIT with European assets and a similar GLA scale.
• Klépierre: France-listed pan-European retail REIT owning large shopping centres across continental Europe. Comparable on asset class (dominant regional malls), tenant mix, and European geographic footprint including France, Spain, Italy and Portugal.
• Mercialys: France-listed retail REIT focused on large regional shopping centres attached to Carrefour hypermarkets. Comparable on dominant-mall positioning in France and on the asset-management-plus-leasing operational model.
• Wereldhave: Dutch-listed REIT owning dominant full-service shopping centres primarily in the Netherlands, Belgium and France. Directly comparable on mall-focused strategy, European footprint and recurring rental-income business model.
• Carmila: France-listed REIT owning shopping centres adjacent to Carrefour stores across France, Spain and Italy. Comparable on Iberian/French mall exposure and on tenant-anchored dominant-centre strategy.

Broad incumbents

• Unibail-Rodamco-Westfield: The largest publicly traded retail REIT globally, focused on flagship shopping centres in Europe and the US. Comparable on asset class and geographic concentration in continental Europe (especially France and Spain), but at far larger scale than Lighthouse.
• Covivio: France-listed REIT with a diversified portfolio across offices, residential and retail in continental Europe. Comparable through its retail arm, but much broader and larger than Lighthouse's pure-play mall focus.

Emerging players

• Vastint Hospitality: Real estate company with mixed-use retail and hospitality assets across Europe. Partial overlap with Lighthouse through European commercial real estate, though operating with a different vertical mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/lighthouse-properties-p-l-c

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lighthouse Properties