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UAE’s Modon enters Europe with Spanish developer deal

By Pramod Kumar
Modon Holding
A view of the villas in La Zagaleta, one of the most exclusive and luxurious residential golf estates in Europe

Abu Dhabi’s Modon Holding has acquired 100 percent of La Zagaleta, the owner of the La Zagaleta residential estate in Costa del Sol, Spain, marking its entry into Europe’s luxury real estate market.

La Zagaleta, located in the hills of Benahavís and 20 minutes from Marbella, is an ultra-luxury gated residential development. It is spread over 900 hectares of land in Benahavís, with more than 400 luxury villas and plots, two private golf courses, two golf clubhouses, an equestrian centre, a private helipad and sports amenities.

Modon Holding will have access to 2.7 million sq m of land area inside La Zagaleta resort to build luxury residential units, a hotel plot, and the overall management of the estate and more than 300 homes already built.

The acquisition will accelerate the remaining development of the estate, Modon said, adding the transaction includes La Zagaleta’s planned Majarambuz development, which is in the process of being urbanised.

“This acquisition sets a benchmark for future expansion that is fully aligned with our ambition to bring new potential and capability to our international real estate strategy,” said Jassem Al Zaabi, chairman of Modon Holding.

The acquisition will allow Modon Holding to expand the Zagaleta brand internationally, said CEO Bill O’Regan.

Modon, which has largely been focused on projects in Abu Dhabi, has been appointed by the Abu Dhabi sovereign wealth fund, ADQ, as the developer for the planned multi-billion dollar resort and residential destination in Ras El Hekma, Egypt.

ADQ is one of Modon’s largest shareholders. 

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