Aareal Bank boosts Spanish mall portfolio

By Courtney Rivera 16/08/2026 2 min read 12 views

Aareal Bank AG has arranged a €128m top-up facility for Lighthouse Properties plc, allowing the company to bring two newly acquired Spanish shopping centers onto the same financing platform as its existing Nexus Portfolio. The facility closed on 9 July 2026, taking the bank’s total exposure to the portfolio to €334m, up from an existing loan of €206m.

The Nexus Portfolio previously comprised three malls in Cartagena, Girona, and Madrid. The top-up brings in Torrecardenas, a 61,238 m² retail park and two-level mall in Almeria built in 2018 and acquired by Lighthouse in 2022, and Alcala Magna, a 32,743 m² in-town mall in the Madrid suburbs that was refurbished in 2019 and acquired in 2025.

With the addition, the Nexus Portfolio now spans five prominent malls across Spain, including H2O in Madrid, Espai Girones in Girona, Espacio Mediterraneo in Cartagena, Torrecardenas in Almeria, and Alcala Magna in Madrid, all certified BREEAM “Very Good” or “Excellent”.

The financing qualifies as a 100% Green Loan, reinforcing both the portfolio’s sustainability credentials and Aareal Bank’s positioning in ESG-linked retail lending.

Retail investment volume in Spain topped €1.6bn in the first half of 2026, up 3% year-on-year, with shopping centers alone drawing more than €800m as prime yields compress toward 6.25%. For investors tracking capital flows, the deal is also a reminder that Lighthouse, domiciled in Malta and listed on the Johannesburg Stock Exchange, is channelling international capital into a consolidated, single-platform Spanish retail structure.

Aareal Bank acted as arranger, facility agent, and security agent on the transaction, with Cuatrecasas providing legal advice and Knight Frank acting as valuation adviser. The facility was arranged by Martin Vest, Managing Director Euro Hub at Aareal Bank AG, who said that the transaction demonstrates the quality of the partnership with Lighthouse Properties and the bank’s continued confidence in high-quality, ESG-compliant retail assets in Spain.

Dawie Swarts, Chief Financial Officer of Lighthouse Properties plc, noted that the facility consolidates the company’s leading Spanish malls under a single financing platform, enhancing operational and financial flexibility while reinforcing the strength of the portfolio.

Aareal Bank AG – arranger, facility agent and security agent
Lighthouse Properties plc – borrower and portfolio owner
Knight Frank – valuation adviser