Timber iQ April - May 2019 // Issue: 43 | Page 33

PROJECTS Habaneras Shopping centre is one of Vukile’s retail investments in the region. have made swift progress in growing an investment of scale and substance. It is Europe’s fourth largest economy and has a very sophisticated property market with lots of liquidity and depth. Overall, these factors make Spain a very attractive destination.” The easily accessible open-air Habaneras Shopping Centre is in Torrevieja, which is in the south-eastern Alicante province on the Costa Blanca. Torrevieja is known for its Mediterranean climate and almost year-round sunny weather, its beautiful coastline and resort-backed beaches. With a primary population of more than 600 000 people comprising locals, a floating population with second homes in the city and tourists, its appeal is evident with its growing number of visitors and increasing sales figures. Habaneras anchors a greater retail node spanning about 60 000m². Its tranquil terraces offer an alluring selection of restaurants and an excellent vantage point to enjoy panoramic views. Habaneras Shopping Centre, which until now has been passively managed, also includes the potential for Castellana’s skilled on-the-ground active asset management to add value to the asset and enhance the centre. Prospects include leasing vacant space which was previously not paid for, adding a lettable area, repositioning and expanding existing tenants and enhancing its terraces with more leisure options and experiences.