European retail landlord Lighthouse Properties has disposed of the Planet Koper mall in Slovenia for €68.75m.
The company, through its subsidiary Lighthouse Investments, has entered into an asset purchase and business transfer agreement with Slovenian-registered AC2, owned by ALFI RE, an alternative investment fund and Plavi Real Estate, a limited liability company registered in Croatia, for the disposal of the mall, it said on Monday.
The disposal is structured as an asset deal, with the transfer of the property as a going concern to the purchaser, it said.
The disposal of Planet Koper is consistent with Lighthouse's investment policy and strategy to focus on dominant and defensive malls in growing regions with a strong economic underpin, it said. Planet Koper, though dominant, lacks key retailers such as Zara and Primark, which are an integral part of the Lighthouse's strategy.
The net proceeds of the disposal will be used to fund Lighthouse’s pipeline of acquisitions in Iberia. Part of the consideration will be applied towards the full settlement of the existing Banka Sparkasse facility in respect of Planet Koper of €22.2m.
In December, Resilient Reit and Lighthouse jointly acquired Salera Centro, a regional shopping centre in Castellon de la Plana in Spain, for €171m.
Resilient and Lighthouse Properties each contributed €85.5m excluding transaction costs.
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