Wrap Text
Pre-close update
LIGHTHOUSE PROPERTIES p.l.c.
(Registered in Malta)
(Registration number: C 100848)
JSE share code: LTE
ISIN: MU0461N00015
LEI: 549300UG27SWRF0X2U62
("Lighthouse" or the "Company")
PRE-CLOSE UPDATE
The board of directors of Lighthouse (the "Board") wishes to provide shareholders with the following pre-
close update in anticipation of Lighthouse's results for the year ending 31 December 2024.
DIRECT PROPERTY INVESTMENTS
Lighthouse continues to grow its portfolio of direct property investments. Since June 2024, the following
two Iberian malls were acquired:
- Alegro Montijo in Portugal – This 62 433 m2 regional mall is located in the municipality of Montijo
(which forms part of the greater Lisbon metropolitan). The mall dominates its catchment with a
strong tenant offering, including a newly refurbished Zara, a newly opened Primark, as well as
FNAC, JD Sports, Bershka, Stradivarius and Pull&Bear. It also has a 16 964 m2 Continente
hypermarket, which is separately owned and did not form part of the acquisition. Lighthouse
acquired the 45 469 m2 of Alegro Montijo for a gross purchase consideration of EUR 177.8 million,
representing a net initial yield of 7.2% (post transaction costs). The acquisition closed on
11 September 2024.
- Espai Girones in Spain – This 40 341 m2 mall dominates its catchment, being the only significant
mall offering in the city of Girona and the broader region. The mall includes a 5 000 m2 Alcampo
Hypermarket, Primark, Zara, Bershka, Pull&Bear, Stradivarius, JD Sports and FNAC. Espai
Girones was acquired for a gross purchase consideration of EUR 168.2 million on 10 October 2024.
The purchase consideration represents a net initial yield of 7.2% (post transaction costs) based on
the 12-month projected net operating income from January 2025.
The disposal of Planet Koper, a mall located in Koper, Slovenia, closed on 29 November 2024. Lighthouse
received net proceeds of EUR 47.0 million following the settlement of EUR 21.8 million outstanding debt
secured by this mall.
Following the disposal of Planet Koper, the six malls in the Iberian portfolio represent 81%
(EUR 920 million) of Lighthouse's direct property investments.
Lighthouse has entered into exclusivity to acquire a further mall in Iberia. The transaction is anticipated to
close during 1Q2025. Lighthouse is also in negotiations to acquire an additional mall in Iberia. There has,
however, been a noticeable increase in competition to acquire quality malls in Iberia with new investors
entering the market.
OPERATIONAL PERFORMANCE
The total footfall of the malls owned at the end of September 2024 increased by 2.3% compared to the
footfall for the comparable nine-month period to September 2023. All regions in the portfolio recorded
growth in footfall above 2%. During the same comparable period, total sales increased by 5.5%.
Lighthouse's share of vacancies in the portfolio reduced from 3.3% at December 2023 to 2.8% at September
2024. The majority of the remaining vacancies are in the French portfolio.
Spain Portugal France Slovenia Total
Sales (YoY for nine months ended
September 2024) 8.4% 3.9% -0.5% 8.8% 5.5%
Footfall (YoY for nine months ended
September 2024) 2.5% 2.0% 2.0% 2.5% 2.3%
Vacancies at September 2024 1.9% 0.1% 7.8% 0.0% 2.8%
Spain
The Spanish economy continues to deliver strong economic metrics driven by tourism, immigration,
reducing unemployment and increasing foreign investment. This strong growth has benefited consumers
and tenants. New tenants are entering the market and many of the existing established tenants are looking
at expanding their number of stores in the country.
The 8.4% growth in sales for the nine-month period ended September 2024 comfortably exceeded the
region's inflation rate of 1.5% (September 2024 YoY). Vacancies in the Spanish properties remained stable
at 1.9%. The vacancies are all at Centro Comercial H2O and it is anticipated that most of the vacant stores
will be let during 2025.
The refurbishment project at Centro Comercial H2O, which was determined on acquisition, commenced
during 4Q2024 and is anticipated to be completed by 4Q2025. The refurbishment will have minimal impact
on the mall's trading and once completed will elevate the mall's profile and improve the customer
experience. Primark opened for trade during August 2024 and since opening monthly like-for like footfall
of the mall has increased by an average of 10%.
Normal opened for trade at Salera during September 2024. This mall continues to benefit from the
consolidation in the region post the closing of Zara and other Inditex brands on the high street of Castellon
de la Plana.
Espai Girones has seen a strong increase in comparable footfall (15% on average) since the opening of the
Alcampo Hypermarket in June 2024. Espai Girones is the only meaningful mall offering in the region and
furthermore benefits from tenant consolidation as some retailers close their high street locations in favour
of the mall.
Portugal
The Portuguese economy, also a beneficiary of tourism growth, immigration and reducing unemployment,
is seeing strong GDP growth. Off the back of similar strong market and growth dynamics to Spain, many
tenants continue to expand their store numbers, along with a number of new international retailers entering
the market.
The sales growth for the nine-month period ended September 2024 was 3.9%, exceeding the region's
inflation rate of 2.6% (September 2024 YoY). The Portuguese assets remain effectively fully let.
The extension of the Inditex brands and Primark at Forum Coimbra is scheduled to commence during
1Q2025 with all the relevant new leases now concluded.
At Alegro Montijo, Primark opened for trade on 11 October 2024. The opening of Primark contributed to
the mall's 30% increase in comparable footfall and 20% increase in comparable sales for October 2024.
France
The French economy continues to be impacted by slow economic growth and political instability. Sales and
footfall have improved since June 2024, with sales growth of 3.9% being recorded in the third quarter. Sales
for the nine-month period ended September 2024 declined by 0.5%. Vacancies in the French portfolio
remained at 7.8%. Negotiations are underway for some of the large vacant units in this portfolio.
At Rivetoile, the extension project commenced during March 2024. It is structured in three phases to
minimise the impact on the mall. The last phase is anticipated to be completed by 4Q2025. This extension
will increase the offering and improve the flow of the upper level of the mall.
At Saint Sever, Chaussea, Normal and Starbucks have opened their stores during 2H2024. Foot Locker has
taken occupation of its new larger format store of 420 m2.
At Docks Vauban, JD Sports, Rituals, Normal and Action opened during 2H2024.
CAPITAL RAISE, DEBT AND LIQUIDITY
In total, 73% of shareholders elected to receive the 1H2024 dividend in the form of scrip rather than cash.
Consequently, Lighthouse issued 41 972 049 new shares at ZAR 7.76 per share on 9 September 2024.
Lighthouse also raised ZAR 1 billion by way of an accelerated bookbuild on 19 September 2024. A total
of 127 388 535 shares were issued at R7.85 per share, representing a discount of less than 2% to
Lighthouse's net asset value per share at 1H2024.
Since June 2024, Lighthouse has sold its remaining 349 million Hammerson shares at an average price of
28.34 GBP pence per share. The proceeds, together with the funds raised in the bookbuild, were utilised to
acquire Alegro Montijo and Espai Girones.
Lighthouse has accepted a new 5-year facility of EUR 76 million from ING, secured by Forum Coimbra.
It is anticipated that the new facility will become effective in December 2024.
Following the recent property acquisitions, the disposal of Planet Koper, the capital raise and the disposal
of the remaining Hammerson shares, the loan-to-value ratio has increased from 21.1% at 1H2024 to 25.0%.
Lighthouse's available liquidity comprises EUR 35 million in listed securities, EUR 47 million in net
proceeds following the sale of Planet Koper and up to EUR 75 million in new senior bank debt, secured by
Espai Girones, which is in the process of being implemented.
OUTLOOK
The opportunities identified in Iberia will be acquired on a yield accretive basis and, if successful, will
result in strong distribution growth for 2025.
The Board reaffirms its previous distribution guidance of approximately 2.50 EUR cents per share for
FY2024.
Shareholders are advised that the financial information contained in this update has not been reviewed or
reported on by the Company's auditors.
3 December 2024
JSE sponsor and corporate advisor Company Secretary
Java Capital Stonehage Fleming Malta Limited
Tel: +27 (0)78 456 9999 Tel: +356 2144 6377
Date: 03-12-2024 05:20:00
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