Aareal Bank AG has successfully increased the financing for the "Nexus portfolio" managed by Lighthouse Properties plc by EUR 128 million. This measure serves to refinance and integrate two new, high-quality shopping centres into the existing portfolio in Spain. Lighthouse Properties plc is an international real estate investment and asset management company focused on market-leading and crisis-resilient retail properties in economically strong Western European metropolitan regions.
The original Nexus portfolio comprised three shopping centres in Cartagena, Girona, and Madrid, for which a loan volume of EUR 206 million existed. With the closing of the new financing round, Aareal Bank's total commitment in this portfolio amounts to EUR 334 million. The agreed financing runs until 9 July 2026.
The newly added properties are the Torrecardenas shopping centre in Almería and the Alcalá Magna shopping centre in Madrid. Torrecardenas was completed in 2018 and acquired by Lighthouse Properties in 2022. It spans a total area of 61,238 square metres, which includes a retail park section and a two-storey shopping centre. Alcalá Magna, an inner-city shopping centre in a Madrid suburb, has 32,743 square metres of space, was modernised in 2019, and acquired in 2025. Both new additions are characterised by the presence of international anchor tenants, including companies such as Primark, Zara, Leroy Merlin, and Bershka.
The Nexus portfolio now comprises a total of five significant shopping centres in Spain: H2O in Madrid, Espai Gironès in Girona, Espacio Mediterráneo in Cartagena, Torrecardenas in Almería, and Alcalá Magna in Madrid. All properties within this portfolio are BREEAM certified with "Very Good" or "Excellent". Accordingly, 100 percent of the financing is classified as a "Green Loan", which underscores the high ESG performance of the portfolio and Aareal Bank's continued commitment to sustainable financing solutions.
Martin Vest, Managing Director Euro Hub at Aareal Bank, commented on the transaction, highlighting the quality of the partnership with Lighthouse Properties and the confidence in high-quality, ESG-compliant retail properties in Spain. He emphasised that the extended financing supports a broadly diversified portfolio of significant retail locations that are experiencing strong tenant demand. Dawie Swarts, Chief Financial Officer of Lighthouse Properties plc, stressed that this refinancing strengthens the business relationship with Aareal Bank. Consolidating the leading Spanish shopping centres under a single financing umbrella increases operational and financial flexibility and reinforces the portfolio.
Swarts further noted that the transaction underpins the quality of the assets, the resilience of cash flows, and Lighthouse Properties' disciplined approach to capital management. Aareal Bank AG acted as arranger, facility agent, and security agent for this transaction. Legal advice was provided by Cuatrecasas, while Knight Frank acted as valuation advisor.
