Lighthouse Capital targets 5% distribution growth as it eyes Iberian mall
Lighthouse Capital, formerly known as Greenbay Properties, expects about 5% growth in distribution for its year to end-September 2020 as it eyes a new acquisition in Iberia.
Lighthouse Capital, which was previously part of the Resilient stable of companies, said in October it was in advanced talks to acquire a shopping centre in the Iberian region, as it expands deeper into Western Europe.
The company has been granted exclusivity for the deal, which may be concluded in February.
Lighthouse, which already owns two centres in Portugal and one in Slovenia, did not reveal where the shopping centre is situated.
Iberia includes Spain, Portugal, Andorra, Gibraltar and a small section of France. Lighthouse would not disclose the value of the potential deal.
The group’s total distribution for the year to end-September 2019 was 3 euro cents, though it was not directly comparable with the prior comparative period, having consolidated its shares on a one-to-20 basis in December 2018.
Total revenue fell 3.2% to €29.7m (R488m) to end-September, the company said after markets closed on Tuesday.
The company’s share price was unchanged at R9.05 in morning trade on Wednesday, having risen 14.56% in the year to date.