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Abu Dhabi-based Modon Holding finalized the acquisition of Spanish real estate company La Zagaleta, according to a press release (pdf), which did not disclose the value of the acquisition. The acquisition marks a “significant milestone of its entry into Europe’s luxury real estate market,” the developer said. It’s not clear whether Modon currently owns any luxury assets in Europe.
What is Modon getting? The acquisition will give the developer ownership of 2.7 mn sqm of land area inside gated luxury resort La Zagaleta in Costa del Sol, Spain. The resort will provide Modon access to a development pipeline for luxury residences, a hotel plot, and the management of over 300 existing homes. The real estate outfit plans to continue the remaining development of the estate.
More in the pipeline: The transaction also includes providing Modon ownership of La Zagaleta’s planned Majarambuz development, a 2.2 mn sqm land bank near Sotogrande, which is in the process of urbanization.
REMEMBER- The developer is pursuing international expansion, and was tapped earlier in October as the master developer on the USD 35 bn Ras El Hekma megaproject in Egypt. Its subsidiary, Adnec’s Excel London, also recently acquired London’s BDCG Holdings, which owns the Business Design Center venue in north London.
OTHER M&A NEWS-
Ras Al Khaimah-based pharma firm Julphar finalized the sale of its entire shareholding in DiabTec, a subsidiary focused on human insulin API manufacturing, according to an ADX disclosure (pdf). This subsidiary represented 12.6% of Julphar’s consolidated total assets as of 30 September. The transaction will be settled in cash at closing and is expected to positively impact the company’s net income in late 2024 or 1Q 2025, depending on the timeline of closing, though the disclosure did not mention the value of the sale.
The details: The agreement involves the manufacturing operations of insulin API and will not affect Julphar’s finished insulin product business. To maintain a consistent supply of insulin API, Julphar will establish a supply agreement with DiabTec as part of the agreement.
