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Acquisition of four retail shopping centres in France and cautionary announcement
LIGHTHOUSE CAPITAL LIMITED
(Incorporated in the Republic of Mauritius on 14 August 2014)
(Registration number C124756 C1/GBL)
SEM share code: GFP.N0000
JSE share code: LTE
ISIN: MU0461N00015
LEI: 549300UG27SWRF0X2U62
("Lighthouse" or the "Company")
ACQUISITION OF FOUR RETAIL SHOPPING CENTRES IN FRANCE AND CAUTIONARY ANNOUNCEMENT
1. ACQUISITION
Shareholders are advised that Lighthouse has reached agreement with Wereldhave Retail France SAS
("WRF") on the acquisition of a portfolio of four dominant French retail shopping centres (the
“Portfolio”), for a cash consideration of circa EUR 305 million (the "Acquisition" or the "Transaction"),
as well as related net working capital at 30 September 2021 (the "Effective Date"). The Acquisition is
structured as a share purchase, with the flexibility to accommodate co-investors.
The Acquisition is unconditional and transfer will take place on the Effective Date.
2. RATIONALE FOR THE ACQUISITION
The Acquisition is in accordance with Lighthouse's investment policy of investing in European retail
shopping centres with strong sustainable income generated by high-quality tenants, and offering attractive
asset management opportunities.
Lighthouse considers the Acquisition to be transformational in terms of the execution of its direct property
strategy. The Portfolio comprises defensive retail shopping centres in catchment areas with strong
economic fundamentals, which are well-located in their respective locations. Each of the properties has
strong grocer anchors, with attractive convenience, fashion and entertainment offerings.
The Portfolio is estimated to yield 8.1% (based on projected net operating income for the year ending 31
December 2022).
3. PROPERTY SPECIFIC INFORMATION
Salient details of the properties are as follows:
Name Location Retail GLA 1 Occupancy Weighted Net operating Transaction
(square (%) average income for the value ascribed
metres) rental 2 year ended 31 to each
(EUR) Dec 2020 3,4 property 5
(EUR) (EUR)
Docks Vauban Le Havre 47 292 93.4% 10.20 3 932 000 55 950 000
Docks 76 Rouen 37 009 93.9% 18.60 5 786 000 77 250 000
Rivertoile Strasbourg 28 301 95.9% 25.40 5 618 000 84 250 000
Saint-Sever Rouen 34 781 89.8% 19.70 6 406 000 87 550 000
Total 147 383 21 742 000 305 000 000
Notes:
1. Inaccessible areas, storage areas and areas under development have been excluded from retail GLA.
2. Monthly weighted average rent at 31 March 2021, excluding COVID-19 discounts.
3. Including the impact of temporary discounts related to COVID-19 of circa EUR 3 million.
4. Unaudited IFRS amounts as per transaction due diligence. Lighthouse is satisfied with the quality of the source
documents.
5. Allocation of total purchase price to individual properties based on management models.
4. NO ADDITIONAL TRANSACTION APPROVALS REQUIRED
The Acquisition is not subject to any regulatory approvals and, being in the ordinary course of business
of Lighthouse, is not subject to shareholder approval in terms of the Listings Requirements of the SEM
or JSE.
5. CAUTIONARY ANNOUNCEMENT
Lighthouse is engaging with debt and equity providers and potential joint venture partners in order to
optimise the funding and structure of the Acquisition. Pending finalisation and announcement of these
details, which will include the extent of the investment by Lighthouse in the Acquisition, shareholders are
advised to exercise caution when trading in their Lighthouse shares.
6. RESULTS AND INVESTOR PRESENTATION
Lighthouse will host a results and investor presentation for the six months ended 30 June 2021 at 09h00
on Friday, 6 August 2021. Additional details on the Acquisition will be provided with the results.
The Company has primary listings on both the Official Market of the Stock Exchange of Mauritius Ltd ("SEM")
and the Main Board of the JSE Limited ("JSE").
By order of the Board
27 July 2021
This notice is issued pursuant to the JSE Listings Requirements, SEM Listing Rules 11.3 and Rule 5(1) of the Securities
(Disclosure Obligations of Reporting Issuers) Rules 2007. The Board of Directors of the Company accepts full responsibility for
the accuracy of the information contained in this announcement.
JSE sponsor and corporate SEM authorised representative
advisor and sponsor Company Secretary
Java Capital Perigeum Capital Intercontinental Trust Ltd
Tel: +27 11 722 3050 Tel: +230 402 0890 Tel: +230 403 0800
Commercial advisor
BNP Paribas Real Estate
Tel: + 33 1 55 65 27 29
Date: 27-07-2021 08:52:00
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