PROPERTY SEARCH
South African investment group acquires Cartagena's Espacio Mediterráneo for €135.4 million
The group Lighthouse has taken over the landmark retail centre from Germany’s Deka fund
The Espacio Mediterráneo shopping centre in Cartagena has officially changed ownership for the first time since its construction in 2007. The South African firm Lighthouse Properties has acquired the retail complex from German fund Deka for €135.4 million, concluding negotiations that began in 2024.The deal had initially been priced at around €140 million. However, the final figure values the asset slightly lower. The agreement was formalised on Friday June 27, 2025.
Espacio Mediterráneo offers nearly 50,000 square metres of rentable commercial space and includes over 4,800 parking spots. According to Lighthouse, the high occupancy rate and presence of key tenants such as Zara and Primark were instrumental in closing the deal.
The Carrefour hypermarket, which spans over 13,000 square metres, was not included in the acquisition.
Lighthouse expects a return of 7% from this investment, estimating a rental income of around €30 per square metre. The company forecasts revenues of €6.6 million for the second half of 2025, with a projected net profit of €2.87 million. For 2026, it anticipates a turnover of €13.5 million and net profits of €5.8 million.
Espacio Mediterráneo was built in 2007 under Deka’s ownership and received a BREEAM ‘Excellent’ certification, recognising its sustainable construction standards. With a catchment area of 460,000 people, it is considered the primary retail destination in Cartagena and one of the leading centres in the Region of Murcia, alongside Lorca’s Parque Almenara shopping complex.Despite being based in South Africa and listed on the Johannesburg Stock Exchange, Lighthouse has focused much of its investment strategy on Spanish retail assets. The Espacio Mediterráneo acquisition follows other major deals, including the Torrecárdenas centre in Almería (€169.7 million) and the Salera shopping centre in Castellón (€175.8 million). Today, Spanish holdings represent 86% of Lighthouse’s property portfolio.
“The purchase of Espacio Mediterráneo is in line with Lighthouse's strategy of investing in dominant regional assets that are located in growing and economically resilient urban areas. This shopping centre has key brands that reinforce its position in the market,” the company said in a statement.
For Deka, the sale represents the completion of its strategy to divest from non-urban retail properties across the Iberian Peninsula. With a global portfolio worth €416 billion, the German fund highlighted its ability to generate solid returns for investors over an 18-year holding period. The firm had enlisted Cushman & Wakefield to manage the sale of the Cartagena retail hub.
