Abu Dhabi Firm Acquires Iconic La Zagaleta Development
Modon Holding, a company based in Abu Dhabi, has recently taken ownership of the renowned La Zagaleta development, located north of Marbella in Málaga. The deal includes complete management of La Zagaleta SL and the development of the Majarambuz project in Sotogrande, Cádiz. This project covers an impressive 2.2 million square metres, as reported by Cinco Días.
Significance of the Transaction
The financial specifics of the transaction have not been disclosed. However, both parties have highlighted the complexity and importance of the deal, describing it as a significant step for the Emirati group’s entry into the European luxury real estate market. This was confirmed in a statement released last Thursday.
History and Exclusivity of La Zagaleta
La Zagaleta was established in the 1990s by a group of businessmen led by Enrique Pérez. The development, originally a 900-hectare estate owned by businessman Adnan Khashoggi, is located in Benahavís, about 20 minutes from Marbella. The project was designed with exclusivity in mind, limiting development to just 10% of the 4,000 homes allowed by regulations, ensuring luxury and privacy for its residents.
Current Status and Amenities of La Zagaleta
Today, La Zagaleta boasts around 250 villas and mansions, some valued at over €30 million, making them some of the most expensive homes in Spain. The development offers a helipad, two world-class golf courses, an equestrian centre, clubhouses, and various sports facilities within its 50 kilometres of private roads. Strict security measures ensure the privacy of its residents, with celebrities like Cristiano Ronaldo known to be occasional visitors.
Future Developments and Expansion Plans
In addition to the original estate, La Zagaleta covers 2.7 million square metres of land designated for new developments, including a luxury hotel. Modon Holding views the purchase as a key opportunity to expand its portfolio of exclusive homes on the Costa del Sol.
New Horizons and La Zagaleta Expansion
The acquisition also includes the development of Majarambuz, also known as Valderrama II. This ambitious project in Sotogrande spans a 2.2 million square metre plot and will feature a golf course designed by Tom Doak, protected natural areas, and a residential community limited to 300 members. The project has already passed several planning stages and is ready to progress to its next phase.
Statements from Modon Holding and La Zagaleta
Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Modon Holding, stated that the acquisition enhances their portfolio and sets a benchmark for future expansions in the luxury sector. Bill O’Reagan, the company’s CEO, stated that one of their strategic priorities will be to expand the Zagaleta brand internationally. From La Zagaleta, CEO Ignacio Pérez welcomed the acquisition, describing it as providing a “new dimension” that will enable the brand to achieve “the next stage of its vision” by exploring new opportunities.
About Modon Holding
Modon Holding, backed by ADQ (an Abu Dhabi state-owned company) and the IHC Group, chaired by Sheikh Tahnoon bin Zayed Al Nahyan, is a major player in the development of residential, hospitality, and sports projects. The firm, which operates in countries such as Egypt and Morocco, specialises in luxury ventures, including premium developments and leisure complexes in Abu Dhabi.
Modon Holding’s Commitment to Europe
With this acquisition, Modon Holding reaffirms its commitment to strengthening its presence in Europe through projects that blend exclusivity, sustainability, and a long-term vision. This marks a new chapter in the history of La Zagaleta and the Costa del Sol.
