Alex Trelinski
AN ABU Dhabi company has bought one of Europe’s biggest luxury housing developments- La Zagaleta on the Costa del Sol.
Modon Holding now owns the development in Benhavis which covers 900 hectares and includes two golf courses and its own private heliport.
The purchase is part of the firm’s international expansion and investment strategy and is its first acquisition in the European real estate market.
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La Zagaleta has over 400 luxury villas with price tags of up to €34 million as well as land waiting to be developed.
The package includes the Majarambuz project planned by La Zagaleta, historically known as Valderrama II, within the development plan for Castellar, next to Sotogrande which is in the process of being developed.
The Modon Holding chairman, Jassem Mohammed Bu Ataba Al Zaabi, said the acquisition of La Zagaleta represents ‘a significant milestone in the company’s international expansion strategy and supports its vision to develop new possibilities for large-scale luxury housing’.
Bill O’Regan, CEO of the Modon Holding group, highlighted the location of La Zagaleta, where ‘luxury, privacy and security are absolutely assured’.
“The potential to continue the legacy of La Zagaleta, extend it to the entire Majarambuz development, and the potential to expand the Zagaleta brand internationally, will be a key part of Modon Holding’s strategy for this acquisition,” he said.
Ignacio Perez, executive chairman of La Zagaleta, said that the additional scale that Modon Holding’s investment entails ‘will allow La Zagaleta to realize the next phase of its vision, explore the full potential of the brand and the experience of La Zagaleta, and we look forward to the journey that awaits us’.
