While not regarded as a glowing beacon on the JSE’s cluttered real estate board, Lighthouse Properties is appearing on more institutional buy lists as it looks to cash in on Spain and Portugal’s post-pandemic retail rebound. It’s a left-field rand hedge property play, certainly. But could it become as much of a money-spinner as its former stablemate Nepi Rockcastle?

Des de Beer certainly believes Lighthouse is ready to shine. The property maverick, who owns a sizeable 18% of the company, reckons it’s on a similar trajectory to Nepi Rockcastle. “It’s just a much smaller version of Nepi Rockcastle — but in more secure markets with less political risk,” he tells the FM.    ..

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