Aareal Bank expands Spanish mall financing

Aareal Bank AG has set up a €128m supplementary credit line for Lighthouse Properties plc, enabling the firm to integrate two newly bought Spanish shopping centers into the same financing structure as its current Nexus Portfolio. The credit agreement was finalized on 9 July 2026, raising the bank’s total stake in the portfolio to €334m, which is an increase over the prior loan of €206m.

Until now, the Nexus Portfolio contained three malls located in Cartagena, Girona, and Madrid. This new funding adds Torrecardenas, a 61,238 m² retail park and two-level shopping center in Almeria, and Alcala Magna, a 32,743 m² in-town mall situated in the Madrid suburbs.

Both locations feature Primark, Zara, Leroy Merlin, and Bershka as their main anchor tenants. Upon this addition, the Nexus Portfolio encompasses five major malls throughout Spain, all holding BREEAM certifications of either “Very Good” or “Excellent”.

The funding is classified as a 100% Green Loan, which bolsters both the portfolio’s environmental standards and Aareal Bank’s standing in ESG-linked retail lending. Martin Vest, Managing Director Euro Hub at Aareal Bank, remarked that the deal illustrates the strength of their collaboration with Lighthouse Properties.

Vest noted that this transaction demonstrates the quality of their partnership with Lighthouse Properties and their continued confidence in high-quality, ESG-compliant retail assets in Spain. By broadening the Nexus Portfolio financing, they are backing a well-diversified collection of prominent retail destinations with strong tenant demand.

Dawie Swarts, Chief Financial Officer of Lighthouse Properties plc, stated that the facility consolidates their premier Spanish malls under a unified financing platform, boosting operational and financial flexibility while strengthening the portfolio’s overall solidity.

The refinancing occurs as institutional interest in Spanish shopping centers grows, with retail investment volume in Spain exceeding €1.6bn in the first half of 2026, a rise of 3% year-on-year. Trends in real estate investing indicate that shopping centers alone attracted more than €800m as prime yields move toward 6.25%.

Aareal Bank served as arranger, facility agent, and security agent on the transaction, with Cuatrecasas offering legal counsel and Knight Frank serving as the valuation adviser. The deal serves as a reminder that Lighthouse is directing international capital toward a consolidated, single-platform Spanish retail structure.