Timber iQ April - May 2019 // Issue: 43 | Page 32

PROJECTS Interior view of Habaneras Shopping Centre, Torrevieja, Spain. The perfect spot Local property investment firm, Vukile Property Fund, stamps its arrival in Spain with a timber inspired shopping centre. By Ntsako Khosa | Photos by Vukile Property Fund L ocated in the coastal city of Torrevieja, Spain, Habaneras Shopping Centre is the only convenience retail offering in the area with the added enjoyment of great entertainment and socialising opportunities. Developed in 2005 and refurbished in 2014, the centre is almost fully occupied, with nearly half of its space dedicated to fashion, including a significant collection of Inditex brands, which include Zara and Pull&Bear. Some 92% of the centre’s tenants are national brands. Architect, Federico Carvajal from Spanish construction company, Cabeza Sastre, shares how he was given the freedom to design the project as he saw fit. “It’s placement responded to a decision or bet of the designers for this solution. Once the decision was taken and accepted by the Developer [Metrovacesa], implementation followed the technical specifications of the regulations and the manufacturer's recommendations.” Timber was selected for the project to give the complex quality, status, warmth and proximity. Laminated wood was 30 APRIL / MAY 2019 // used for the load-bearing structure as it was more affordable when compared with other structural solutions. Sourced from a local manufacturer, laminated wood was used throughout the building. Carvajal adds that Spanish regulations on wood treatment and maintenance were followed. He adds that the location is complimentary as it is a diverse commercial environment. VUKILE IN SPAIN Vukile entered the Spanish retail property market in July 2017, announcing it had acquired 11 Spanish retail parks for EUR193-million (R3-billion) through Spanish real estate investment trust (REIT) Castellana Properties. It has grown its portfolio to almost EUR400-million (R14-billion) and has also set up a strong in-country management team and operational platform. Laurence Rapp, CEO of Vukile Property Fund, says that Spain was chosen for its strong macro-economic recovery. “We entered the Spanish market less than a year ago and www.timberiq.co.za