Physical property investments are focused on retail assets across Europe. Lighthouse Capital targets properties with strong sustainable income from high quality tenants with strong likelihood or renewal of leases on expiry.
Name of Property – Forum Coimbra (Portugal)
Date of Acquisition – 31 May 2017
GLA – 51,489 sqm
Located in Coimbra, which is the capital of the Centro region of Portugal. Coimbra is the third largest urban centre in Portugal (after Lisbon and Porto) with a population of 144 000. With footfall of over 8,4 million people in 2018 (8,1m in 2017), Forum Coimbra is the most dominant retail centre in its catchment area. It is in a prime location with excellent visibility and easy access to both the city centre and the A1 motorway (Lisbon – Porto).
The shopping centre is anchored by a fully refurbished Continente (in separate ownership), is tenanted by 145 retailers and has 2 597 parking spaces. Forum Coimbra has a dominant food court that boasts 29 different restaurant options, a six-screen cinema NOS complex and a Crazy Bowling. Fashion anchors include international heavy weights such as Primark, eight of the Inditex brands, H&M and this year we saw the introduction of JD Sports, Zippy, Pandora, Flying Tiger Copenhagen and KFC to name but a few. The weighted average rent per m2 (“rate per m2”) has been increased to EUR27,13 (from EUR26,39 in 2017)
Name of Property – Forum Viseu (Portugal)
Date of Acquisition – 31 May 2017
GLA – 18,705 sqm
Forum Viseu is in the city centre of Viseu, Portugal and opened in September 2015. This 18 705m2 GLA shopping centre is let to 48 major international and national tenants including Pingo Doce, Sacoor, Cinama Nos and Inditex brands Zara, Massimo Dutti, Bershka, Pull & Bear, Lefties, Stradivarius and Oysho.
The three-year compound annual growth in turnover was 4.4%. Forum Viseu’s immediate catchment is approximately 100 000 people.
Name of Property – Planet Koper (Slovenia)
Date of Acquisition – 04 July 2016
GLA – 31,625 sqm
Lighthouse Capital acquired Planet Tuš shopping centre situated in Koper, Slovenia, for EUR56 million at a yield of 8%. This is 31 625m2 GLA shopping centre opened for trading in 2010 and was rebranded to “Planet Koper”. Lighthouse Capital has accepted a 10-year property finance facility at an interest rate of Euribor plus 2.75%.
Located in Slovenia’s only port town, Koper. Planet Koper is the largest, most dominant shopping centre on Slovenia’s 47 kilometre coastline, with footfall of four million. The shopping centre is well-located just off the coastal motorway with easy access to the city centre and the surrounding residential population. Planet Koper is anchored by a Tus supermarket, is tenanted by 65 retailers and has more than 1 000 parking spaces. We are pleased to report that during 2018 H&M have expanded and fully refurbished their premises, and we have a commitment from other major anchors New Yorker, C&A, Deichman and Baby Centre that they will begin a full revamp of their units in the first quarter of 2019. Furthermore, we have successfully introduced international brands such as Pandora, Women’s Secret & Athlete’s Foot and we’re delighted to announce a refurbishment of the shopping centre that will be centred around the establishment of a food-court with at least eight new restaurants and a number of new international brands that, from a regional point of view, will be exclusive to Planet Koper. The rate per m2 is approximately EUR11,80.