Emirati group Modon Holding buys La Zagaleta on the Costa del Sol

The iconic La Zagaleta development, situated north of Marbella (Málaga), is now owned by Modon Holding, an Abu Dhabi-based firm. The transaction encompasses full management of La Zagaleta SL and the development of the Majarambuz project in Sotogrande (Cádiz), which spans an impressive 2.2 million square metres, according to Cinco Días.

While the financial details of the transaction remain undisclosed, both parties have emphasised its complexity and significance, calling it an "important milestone" in the Emirati group’s entry into the European luxury real estate market, according to a statement released on Thursday.

La Zagaleta, established in the 1990s by a group of businessmen led by Enrique Pérez, originally occupied a 900-hectare estate that once belonged to businessman Adnan Khashoggi. Situated in Benahavís, approximately 20 minutes from Marbella, the development embraced a real estate model centred on exclusivity. Rather than constructing the 4,000 homes permitted by regulations, the project limited development to just 10%, ensuring luxury and privacy for its residents.

Today, the development has around 250 villas and mansions, some valued at over €30 million, ranking them among the most expensive homes in Spain. Within its 50 kilometres of private roads, residents benefit from a helipad, two world-class golf courses, an equestrian centre, clubhouses and diverse sports facilities. Strict security measures guarantee the anonymity of its residents, although celebrities like Cristiano Ronaldo are known to be occasional visitors.

Beyond the original estate, La Zagaleta encompasses 2.7 million square metres of land earmarked for new developments, including an area designated for the construction of a luxury hotel. "The purchase represents a key opportunity for Modon Holding to expand its portfolio of exclusive homes on the Costa del Sol," the Emirati company stated.

New horizons and La Zagaleta expansion

The acquisition also includes the development of Majarambuz, referred to as Valderrama II, an ambitious project in Sotogrande spanning a 2.2 million square metre plot. The site will feature a golf course designed by Tom Doak, protected natural areas and a residential community limited to 300 members, all designed to preserve both the environment and the project’s exclusive character. The development has already passed several planning stages and is ready to progress to its next phase.

"La Zagaleta is recognised as one of the most exclusive private developments in the world. This acquisition enhances our portfolio and establishes a benchmark for future expansions in the luxury sector," said Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Modon Holding. Meanwhile, 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.

Modon Holding: global experience in luxury and leisure

Modon Holding, whose capital is 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. Operating in countries such as Egypt and Morocco, the firm specialises in luxury ventures, including premium developments and leisure complexes in Abu Dhabi, where it has spearheaded innovative projects such as surf centres and a velodrome.

With this acquisition, the Emirati company reaffirms its commitment to strengthening its presence in Europe through projects that blend exclusivity, sustainability and a long-term vision, marking a new chapter in the history of La Zagaleta and the Costa del Sol.