Spain’s luxury Costa del Sol resort La Zagaleta, situated to the north of Marbella (Málaga), has been acquired by Modon Holding, a firm based in Abu Dhabi. The transaction includes both the complete management of La Zagaleta S.L. and the development of the Majarambuz project, located in Sotogrande (Cádiz) on a 2.2 million m² plot. This information has been confirmed by sources from the Spanish financial publication Cinco Días.
Although the financial details of the transaction have not been disclosed, both parties have described the agreement as a “significant milestone” for the group’s entry into the European luxury property market, according to an official statement issued last Thursday.
History and characteristics of La Zagaleta
La Zagaleta was developed in the 1990s on a 900-hectare estate that previously belonged to businessman Adnan Khashoggi. Located in the municipality of Benahavís, approximately 20 minutes from Marbella, the urbanisation adopted a property model focused on exclusivity. Instead of building the 4,000 homes permitted by regulations, the development was limited to 10%, prioritising luxury and privacy.
Today, La Zagaleta comprises approximately 250 villas and mansions, valued at over €30 million each, making it one of the most exclusive residential areas in Spain. The urbanisation features 50 kilometres of private roads, a helipad, two high-end golf courses, an equestrian centre, clubhouses, and various sports facilities. Additionally, its stringent security measures ensure residents’ anonymity.
In addition to its current facilities, La Zagaleta has 2.7 million m² available for future developments, including an area designated for the construction of a luxury hotel. Modon Holding has emphasised that this acquisition represents an opportunity to strengthen its portfolio of exclusive properties on the Costa del Sol.
Expansion in Sotogrande: Majarambuz project
The acquisition also includes the Majarambuz project, also known as Valderrama II, located in Sotogrande. This development spans a 2.2 million m² plot and features a golf course designed by Tom Doak, protected areas, and a residential community limited to 300 members. The design aims to preserve both the environment and the exclusive character of the project. The development has already passed several urban planning phases and is ready to progress further.
Statements and objectives
Jassem Mohammed Bu Ataba Al Zaabi, chairman of Modon Holding, stated that this acquisition strengthens the company’s portfolio and sets a new standard in the luxury sector. Bill O’Regan, CEO of Modon Holding, highlighted that one of the strategic priorities will be to expand the Zagaleta brand internationally.
From La Zagaleta, executive chairman Ignacio Pérez remarked that this transaction opens a “new dimension” for the company and will allow it to achieve “the next phase of its vision,” exploring new opportunities for the brand.
Modon Holding and its global presence
Modon is a company backed by ADQ, a state-owned enterprise in Abu Dhabi, and the IHC Group. With experience in developing residential, hotel, and sports projects in countries such as Egypt and Morocco, the firm specialises in luxury initiatives. Its notable projects in Abu Dhabi include surf centres and a velodrome.
