Lighthouse Capital continues to morph into a property company
The group formerly known as Greenbay Properties now invests directly in European real estate
Lighthouse Capital says its new focus on owning property directly and no longer buying stakes in infrastructure assets is starting to pay off. During the six months to March, the company returned €600m of capital to shareholders after exiting its investments in infrastructure assets and concessions, CEO Stephen Delport said. It now owns two malls in Portugal and one in Slovenia. After the returns of capital payments, the vast majority of the group’s revenue was generated from its direct property investments. Lighthouse achieved 1,8310 euro cents of distributable earnings per share for the first half of its 2019 financial year. “The board’s distribution policy allows for the retention of distributable earnings. The board has declared a distribution of 1,5000 euro cents per share for the six months ended March 2019,” it said.
After adjusting for the returns of capital, Lighthouse increased its net asset value per share by 11.3% to 55.59 euro cents. Lighthouse’s gearing wa...
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