Lighthouse advances $121 million refinancing ahead of 2027 debt maturity

Lighthouse Properties, a real estate firm based in Malta, is advancing plans to refinance a €105.9 million ($121.1 million) debt facility tied to its French retail portfolio, moving early to secure favorable funding terms ahead of its March 2027 maturity.

The Malta-registered real estate group said it has received strong interest from multiple financiers, signaling confidence in its European retail portfolio and underlying asset quality. The facility includes €63.5 million ($72.7 million) attributable to Lighthouse’s 60% stake, with refinancing expected to be completed in the fourth quarter of 2026.

Retail portfolio delivers resilient performance

The early refinancing effort reflects Lighthouse’s broader capital management strategy, focused on extending debt maturities, optimizing funding costs, and preserving liquidity. By acting ahead of schedule, the company aims to mitigate refinancing risks while locking in competitive rates.

Lighthouse’s refinancing push comes alongside solid operating momentum across its European retail assets. Tenant sales rose 7.9% in the first quarter of 2026, outperforming inflation across core markets including Spain, Portugal, and France.

Footfall increased 2.4%, highlighting sustained consumer engagement, while EPRA vacancy remained low at 1.4%, broadly stable compared to 1.3 percent recorded in 2025. Rent collections held firm at 99%, underscoring strong tenant quality and cash flow visibility.

Spain leads growth across key markets

Regionally, Spain delivered the strongest performance, with tenant sales rising 8.6%, supported by relatively stronger economic expansion. Portugal followed with 7% growth, while France recorded a solid 6.5% increase despite a softer macroeconomic environment.

Leasing momentum remained robust, with Lighthouse concluding 44 lease agreements during the quarter, including 26 new leases. These transactions covered 21,800 square meters of gross lettable area and achieved an average positive rental reversion of 6.2%, excluding indexation.

The company said its portfolio of dominant, well-located malls continues to benefit from proactive asset management, including store expansions, anchor tenant renewals, and the introduction of new retail and food brands.

Lighthouse reaffirmed its full-year 2026 distribution guidance of approximately 2.95 euro cents per share, representing expected growth of 6.9% compared to the prior year.

The group added that the financial information in the update has not been reviewed by auditors.